Money and debt advice (adult social care)

Paid for advice (Independent Financial Advisers)

For those with more detailed financial advice requirements, it is often a good idea to consider paid for financial advice through an Independent Financial Advisor (IFA).

What an Independent Financial Adviser does 

Independent Financial Advisers (IFAs) are professionals who offer independent advice on financial matters to their customers and recommend suitable financial products. You will need to pay them a fee, normally via an hourly rate, a set fee, a monthly retainer, or a percentage of the money invested.

All IFAs should be registered with the Financial Conduct Authority (FCA) who regulate the financial services industry in the UK. This means IFAs meet the right standards and the customer gets more protection if they are not happy with the service, including the right to complain to the Financial Services Ombudsman and potential eligibility for compensation if things go wrong.

What advice they can give

Some IFAs are able to offer advice on products from any provider - others can only advice on products from one or a small number of providers. The IFA should tell you what range of products they are able to advice on when you first meet them.

How to find an Independent Financial Adviser

To find an IFA, a good starting point is the Financial Services Registerwhich offers a search facility.

For more specialist advice, the Society of Later Life Advisers is a register of IFAs who specialise and have been accredited in later life issues, including pensions, annuities, equity release and social care issues. The SOLLA website offers a search facility for local advisers.

Independent service providers are not endorsed by South Tyneside Council and we cannot be responsible for the financial advice they give you.  You should also be aware of deprivation of asset rules and bear these in mind when you are being advised by an IFA.