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Financial planning

Coping with cancer

This page tells you about financial planning and finding a financial adviser. There is information on

 

Cancer and financial planning

If you have cancer, or have had cancer in the past, then you may feel the need to sort your finances out for both yourself and your family. You are not excluded from taking advantage of certain financial services simply because you have had cancer. You don't have to give your medical history to get credit cards or some personal loans. But you do for insurance policies and some pensions. In theory, you don't have to give your medical history to get a mortgage. But in order to get a mortgage, you may well have to get an associated insurance policy and will have to give medical details for that. So it is important that you get the right financial advice.

 

Types of financial advisers

You may want to contact a financial adviser. All financial advisers have to be authorised by the financial services regulator. Only then can they give advice on financial products. You can ask a financial adviser for advice on various types of insurance, mortgages or pension. There are three types of financial adviser

  • Tied
  • Restricted
  • Independent (IFA)

A tied financial adviser is linked to a particular company and will recommend the financial products of that company. A restricted adviser can recommend products from a limited number of companies (also called a panel). An independent financial adviser can recommend products and services from the whole range of companies providing financial products such as pensions or mortgages.

Advisers must always tell you if they are tied to a particular finance or insurance company or agent. They do this by giving you an Initial Disclosure Document which will say whether they are tied or restricted Check if the firm the adviser represents is authorised by contacting the Financial Services Register.

 

What the adviser will do

An adviser must make a detailed assessment of your finances and your present and future needs. Only when this fact-find is complete can the adviser begin to advise on what products are most suitable for you. They must explain fully and clearly why a particular product is best for you. This should be accompanied by a written explanation including information on

  • The levels of risk involved
  • Aims and benefits of the product
  • Any commission or charges you may have to pay

An adviser should also tell you how long you have to change your mind after buying a product. It may be that there is no cooling off period so you must be sure. There will often be a fee for the services for a financial adviser, especially an independent financial adviser. Some independent financial advisers make their money from commission paid to them by the companies whose products they recommend and sell. If this is the case, you may not have to pay. But the adviser should make it clear to you how they are benefiting from your business.

 

Finding an adviser

If you looking for financial advice, it may help to ask your friends and family for recommendations of advisers or companies they've used and been happy with. Or you can get a list of local independent financial advisers from Unbiased.co.uk.

Unbiased.co.uk
2nd Floor
117 Farringdon Road
London
EC1R 3BX
Website: www.unbiased.co.uk

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Updated: 8 August 2013