Frequently Asked Questions
1. What is an IFA?
IFAs are strictly regulated by the Financial Conduct Authority (FCA). An Independent Financial Adviser (IFA) is a qualified professional who:
- a) Has passed exams as set by the Chartered Insurance Institute
- b) Is obligated to keep financial knowledge up-to-date and in line with current best practices through a process known as Continuing Professional Development or CPD.
2. Why should I choose an IFA?
IFA’s are so called because they are not tied to financial products from a particular provider. Instead, they are an “independent” and can offer unbiased financial advice and recommend financial products from the entire market.
3. Do you offer a financial planning service?
Yes, financial planning is a process which takes into account your current circumstances and your aspirations for the future to make recommendations that are suitable for you. We also stress the importance of regularly reviewing your financial affairs to ensure you have the correct products and policies in place to meet your needs.
4. What is the difference between Financial Advice and Financial Planning?
Financial advice answers your questions today and is often related to the sale of a product in isolation of other elements of your financial situation. Financial planning takes into account what you have today and what your aspirations are before making a recommendation on what is needed for the future.
5. How can I schedule a no-obligation meeting?
We have found that arranging a meeting to introduce you to Medical & General and our client services is the best way to deal with any questions or concerns you may have. As such we offer a no-obligation initial meeting at our office or yours.
Simply call us on 02890 500433 or complete our contact form. We will respond to your request within one working day.
6. What do Medical & General clients have to say about the company?
Read our testimonials here.
7. Who is Medical & General regulated by?
We are directly regulated by the Financial Conduct Authority (FCA) and adhere to the FCA principles and rules to ensure all clients are treated fairly.
8. Is it expensive?
Our rates of work are competitive with market rates. Full details of our fees are included in our disclosure documents which will be provided to you and discussed at your initial consultation.
9. Where did the name come from?
Paddy Macfarlane (Principal) was previously employed by the British Medical Association (BMA Services) to provide financial advice to members of the medical and dental profession. We still specialise in providing advice to these professionals but we also deal with a wide and varied number of professions and tailor the advice accordingly.
10. What if I have a complaint?
A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4 567.
