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Post by newlender on Sept 17, 2016 12:26:55 GMT
In today's Times there's an article on P2P which is very positive (page 61). In addition it states, and I quote, 'P2P loans do not benefit from the FSCS..........but if you invest via a financial adviser you benefit from protection of up to £50,000. Does anyone have details about this?
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ilmoro
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Post by ilmoro on Sept 17, 2016 12:45:01 GMT
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littleoldlady
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Post by littleoldlady on Sept 18, 2016 12:07:52 GMT
In what scenario might this apply?
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pikestaff
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Post by pikestaff on Sept 18, 2016 15:01:00 GMT
See the link referenced above, and note in particular that it's not enough just to have lost money. The advice needs to have been "unsuitable". Like any other investment advice, suitability is a function of the investor's personal circumstances and risk tolerance.
If you are a sophisticated or HNW investor, forget it. You won't qualify anyway. If you are investing money you can't afford to lose, and have been honest with the IFA, you may well have a case.
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littleoldlady
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Post by littleoldlady on Sept 20, 2016 12:26:43 GMT
Are there any platforms which pay commission to IFAs? They are not likely to advise investing in anything remotely risky if they don't get any commission.
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adrianc
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Post by adrianc on Sept 20, 2016 16:06:05 GMT
Are there any platforms which pay commission to IFAs? They are not likely to advise investing in anything remotely risky if they don't get any commission. TBF, if IFAs are funding their advice by charging fees directly for the work they do, then commission is irrelevant - because it should be added as bonus to the amount invested into funds, just as many IFAs will do if they feel commission on a particular product is excessive (yes, I've had it happen...) But who pays hourly fees for IFAs? That "costs money"...
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littleoldlady
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Post by littleoldlady on Sept 20, 2016 17:22:27 GMT
Fair point, but I just can't imagine any IFA advising a client to buy p2p. It is all down side for them IMO.
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ilmoro
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Post by ilmoro on Sept 20, 2016 19:26:24 GMT
Fair point, but I just can't imagine any IFA advising a client to buy p2p. It is all down side for them IMO. Octopus Choice USP is targetting IFA market
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littleoldlady
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Post by littleoldlady on Sept 21, 2016 12:14:19 GMT
Fair point, but I just can't imagine any IFA advising a client to buy p2p. It is all down side for them IMO. Octopus Choice USP is targetting IFA market And paying commission?
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ilmoro
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Post by ilmoro on Sept 21, 2016 13:12:48 GMT
Octopus Choice USP is targetting IFA market And paying commission? No idea. The main thrust of their proposition seems to be in designing a platform that makes it easy for advisers to fulfill their regulatory obligations, they already have established relationships with 3500 IFA through their other investment products so are well positioned. Most IFA dont have any understanding of alternative finance (7% realised it was regulated) so dont think its a question of commission, its a question of education.
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Post by vanessaiman on Sept 23, 2016 13:35:16 GMT
Octopus Choice USP is targetting IFA market And paying commission? Hi littleoldladyI hope you are well. At Octopus Choice we do not pay commission to advisors. Please do let me know if you have any further questions. Best, Vanessa
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