Financial law advice


You may need financial and legal advice for a wide range of reasons. Perhaps you:

  • Need advice about your mortgage
  • Need to make a will
  • Want to set-up a pension
  • Require business contracts drawing up
  • Require insurance and assurance for you and your home

Whatever the reasons for obtaining financial and legal advice, you should always use a reputable company or advisor. Call us and we will recommend an expert, regulated financial advisor to meet your needs.

Regulation of financial advice

The Financial Services Authority (FSA) regulates all financial advisors. Anyone that gives financial advice must be authorised to do so by the FSA, and you can check the status of any company or individual you are thinking of using on the FSA website.

Finance law also includes voluntary guidelines called the Banking Code. This code applies to consumer bank accounts. There is a similar code for business banking accounts. Even though the code is voluntary, finance law still looks to the providers of financial services that the code governs to behave in a fair way when handling your financial affairs.

Because financial and legal advice can have a far-reaching impact on you or your business, it is important to fully understand the financial or legal advice you are being given. Never sign a financial or legal agreement without fully understanding its contents and how this might affect you or your business.

Complaints against financial advisors

If you are unhappy about the product or the advice that you have received, the business that sold you the product must have a complaints procedure. All FSA registered companies must have a complaints procedure you can use.

When a dispute does occur you can take your complaint to the Office of Fair Trading (OFT), as they have the powers to enforce the Consumer Credit Act. If your dispute is with a bank the Banking Code and Standards Board (BCSB) are the organisation to involve. If after you have tried these procedures you are still unhappy, you can then complain to one or more of the following organisations:

  • The Financial Ombudsman Service (FOS)
  • The Pensions Ombudsman
  • Finance and Leasing Association Arbitration Scheme
  • The Pensions Advisory Service

Your last course of action with financial and legal complaints is to go to the courts for a judgment. You should always have legal representation if you decide on this route. A qualified solicitor will help you prepare your case, interpret often-complex laws and speak for you in court.

Never try and handle this type of case alone. The court and judge will always want to see that each party has proper legal representation to ensure that the law is followed and that the case is fair. Contact a solicitor as soon as you can to give them the maximum time to prepare your case.

For information on the benefits of getting legal representation, see our page on how to use a finance lawyer.

Are looking for a specialist to provide you with financial advice on an area of your personal or business life? Contact Law works with regulated law firms specialised in giving financial advice on a range of different areas of law. Please call us on 0800 1777 162 or complete the web-form above.

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