Advice vs Non-Advice

Advised – This is when a qualified adviser assesses your needs and makes a recommendation, explaining why a particular product or provider would meet those needs. The adviser is then automatically responsible for his or her recommendation, and can subsequently be held accountable should the advice prove to be unsuitable. As a result, you have recourse with the financial ombudsman for any advice that is given.

Non-Advised – The adviser is only permitted to give information and is not authorised to make a recommendation. This means that you are solely responsible for deciding which product or provider is most suitable for you. Since a recommendation is not being made by the adviser, they cannot be held responsible should you choose cover which is unsuitable or unfit for purpose. As a result, you waive the rights of recourse with the financial ombudsman.

Seeking professional advice is essential when making important financial decisions. Not only does it provide clarity for you, it ensures that a qualified expert is on hand to guide you through the entire process. It also offers the security of recourse should the advice prove unsuitable for you.

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