Frequently Asked Questions . . .
Here are some of our most frequently asked questions. If you have a question that is not answered here, please email us at enquiries@pennypeople.co.uk
Questions
- Are there any charges to search for a Professional Adviser?
- Why do I need Financial Advice?
- How do I search for an adviser?
- Mortgage Calculator?
- How much will an adviser charge me?
- How does the adviser make their money?
- Will the adviser be independent?
- Do you adhere to FSA best practice guidelines?
- Are all the advisers listed with you regulated by the FSA?
- Is the adviser qualified to give the advice I need?
- How do you make your money?
- What happens if I’m not happy with the service/advice received from an adviser?
- How should I contact an adviser?
- How quickly will an adviser contact me?
- I need more information on financial products or mortgages?
- Does the information I give to you stay private?
- I'm a Mortgage Broker/Financial Adviser and would like more information on being listed on the site
Answers
Are there any charges to search for a Professional Adviser?
You can search for a Mortgage adviser or Financial Adviser, free of charge at PennyPeople.co.uk
Why do I need Financial Advice?
There are some stages in your life that put pressure on your finances, for instance a new job, buying a house, getting married, starting a family, saving for your children or planning for retirement etc...It makes sense to take control of your situation at each stage and prepare your financial plans to match your changing lifestyle.
Looking after your money and knowing where to invest or borrow is a huge maze for most of us. If like the majority of the UK population, work and domestic life takes up most of your time, then a Mortgage Specialist or Financial adviser can offer a helping hand.
Our advisers can help clarify your financial priorities and your financial goals. They will ask detailed questions about your financial and personal circumstances and what you want from life. They will then be able make financial recommendations to fit you.
Our Advisers have the tools to search for the most appropriate and suitable financial product and make things easy for you.
How do I search for an adviser?
Simply click on ‘find Mortgage advisers’ or ‘find Financial advisers’ on the home page and enter your postcode – the rest is self–explanatory!
Mortgage Calculator?
If you wish to get an idea of how much the repayments are likely to be on a mortgage or how much you may be able to borrow based on a given monthly sum, go to the mortgage calculator section. It is important that you are aware that these figures are a guide only. We recommend that you obtain exact figures from a professional adviser before committing to any mortgage
How much will an adviser charge me?
It is a Legal responsibility of an adviser to notify you in advance and in writing of any fees they may charge you. There are 3 different ways in which an adviser may charge for their services and expertise.
- Fee & Commission
You will be charged an agreed fixed or hourly fee/retainer and the adviser will receive commission from the lender or insurance/investment provider. - Fee only
You will be charged an agreed fixed or hourly fee/retainer - any commission received will be refunded to you or used to increase an amount invested - Commission Only
The Adviser will not charge you a fee but will receive commission from the lender or insurance/ investment provider. Usually the first half hour or initial meeting is free, where you can get to know each other.
If an adviser receives commission, they are required to advise how much that will be.
How does the adviser make their money?
See How much will an adviser charge me?
Will the adviser be independent?
We list both Mortgage Advisers and Financial Advisers
Mortgage Advisers
There are 3 types of mortgage advisers:
- Tied
These Mortgage advisers are employed by one lender and are only able to offer advice from that particular lenders range of mortgages. - Multi-Tied
These Mortgage Advisers are able to offer advice on mortgages from a selected panel of lenders. - Independent/Whole of Market
These Mortgage Advisers are able to offer advice on mortgages from the whole market.
PennyPeople.co.uk will only allow mortgage brokers that are multi-tied or independent to be registered. We feel that these methods will offer you the best advice. An adviser will explain their status during your initial contact with them.
Financial Advisers
There are 3 types of Adviser, namely:
- Independent Financial Advisers (IFAs)
Offer unbiased financial advice to their clients and recommend the most suitable products, if any, after researching the whole market. An IFA will act on your behalf and offer you the option of paying by a fee, as well as the option of paying by commission. - Multi-Tied Agents
Offer advice and recommendations from a choice of products from a limited range of companies they have selected. - Tied Agents
Advise on the products of a single company and can only advise on and recommend products from that company.
PennyPeople.co.uk lists Financial Advisers from all three of the above. An adviser will explain their status during your initial contact with them.
Do you adhere to FSA best practice guidelines?
Yes, we have done everything possible to ensure that we have met all the relevant guidelines laid out by the regulatory body (The Financial Services Authority) We are not regulated by the FSA and therefore are not authorized to give financial advice. We do however want to provide you, the general public, with as much financial information as possible to allow you to make an informed choice and be a valuable source in locating an adviser close to you that is qualified to provide you with the financial advice you need & comes recommended by others like you!
For further information on the FSA please go to http://www.fsa.gov.uk/
Are all the advisers listed with you regulated by the FSA?
The Financial Services Authority regulates mortgage advisers & financial advisers to ensure they follow best practice guidelines. Mortgage Regulation does not currently apply to buy to let mortgages, commercial mortgages, overseas mortgages or secured lending, therefore some advisers listed on the site who specialise only in these areas will not be FSA regulated. We do insist however that they adhere to its principles none the less & you can be safe in the knowledge that the advisers listed come recommended.
The vast majority of advisers listed on PennyPeople.co.uk are FSA regulated advisers and as such we thoroughly check & continually monitor their credentials to give you peace of mind that you are talking to a qualified and authorised professional.
You can obtain further details & confirm whether an adviser is registered & regulated by the FSA on the FSA register at www.fsa.gov.uk/Pages/register/.
Is the adviser qualified to give the advice I need?
When you search for a mortgage adviser or financial adviser at pennypeople, we have done everything possible to ensure our system will only display the professionals that are authorised, qualified and experienced in the area of advice you have chosen.
How do you make your money?
We do not charge the general public to search for a suitably qualified adviser, as we feel this is a necessity that should be offered to everyone and want you the public to recommend a great adviser to others. We do however make a small charge to the advisers to be registered on the site.
What happens if I'm not happy with the service/advice received from an adviser?
We trust that you will be happy with both the service offered by PennyPeople and that of the adviser you have chosen. The quality of service that we and the advisers provide is our highest priority. If you are not entirely satisfied, please contact us, in the aim that we can correct the problem. We take the professionalism of our company very seriously and if an adviser is not providing the highest and most professional service we want to know.
If you have a complaint with the adviser, they will have a complaints procedure as set out in their ‘Key Facts’ document. This is the document an adviser (if FSA regulated) has to (by law) issue you with, before proceeding in giving you any advice. It should explain whether products sold by the firm are covered by the Financial Services Compensation Scheme and, if so, the maximum amount of compensation payable for each product type.
How should I contact an adviser?
Once you have chosen the adviser you feel comfortable with, you can choose to contact them directly, ask them a question or complete an online ‘contact form’ that will allow you to be contacted when convenient with you. Alternatively you can visit their website if they have one.
How quickly will an adviser contact me?
We ask that advisers contact you as soon as possible and we have made it clear that they should take no longer than 24 hours.
I need more information on financial products or mortgages?
Have a look at our Mortgage Facts or Financial Facts sections where you can view a wealth of information on all the financial services you may be considering. You may also view our links page, where we have put together a comprehensive list of websites that may be of interest.
Does the information I give to you stay private?
Yes, any information you give on the ‘contact form’ will only be shared with the adviser you have selected and us. Please see our privacy policy for further information.
I'm a Mortgage Broker/Financial Adviser & would like more information on being listed on the site
For further information on being listed on the pennypeople website please click here!