Firm Looking After The Investments Of Usain Bolt Under Investigation – The Importance Of Obtaining Regulated Financial Advice

According to reports, a company that looks after the investments of Usain Bolt is under investigation after claims were made that he may have lost millions of dollars to fraud.

Jamaica’s Financial Services Commission (FSC) has placed the company, Stocks and Securities Limited (SSL), in “enhanced oversight” following the reports made against them. Usain Bolt had investments with SSL for over a decade.

When it comes to investments and your finances, there will be times in your life when you will need to make a decision regarding your money or money you may have inherited or perhaps hold as a Trustee. With a vast array of financial products on offer, choosing between them can be overwhelming.

You would never take advice from an unregulated solicitor or doctor, therefore why is it important to use a regulated financial adviser?

Regulated financial advice

Independent advice

Independent Financial Advisers provide unbiased advice about the whole range of financial products from all the different companies available and will only make a recommendation when it is suitable for you.

Any advice or recommendation offered to you by an Independent Financial Adviser will only be given after the Adviser has assessed your needs and considered your financial objectives, attitude to any risks that may be involved and consideration of the relevant tax rules. The Independent Financial Adviser will also consider any restrictions that you wish to place on the type of products you would be willing to consider.

Treating customers fairly

With regulated advisers, the Financial Conduct Authority (FCA) requires Independent Financial Advisers to ‘treat customers fairly’ to ensure the advice provided is fair, suitable and appropriate for your needs. This includes providing you with clear information and being kept appropriately informed, before, during and after the point of advice.

Complaints

Retail clients are afforded the highest level of protection under the regulatory system, and you have the right to make a complaint if you have lost out financially, have been given poor advice or if you’ve been mis-sold a financial product.

Comment

If people don’t receive regulated advice, they are leaving themselves wide open to unsuitable products, unknown risks, high and hidden charges and possibly limited or no access to their investments, along with no FCA or Financial Services Compensation (FSCS) protection.

Receiving regulated advice will lead to a solution that has your best interests at heart.