David Goodall

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By David Goodall - Sat 2th Feb 2013

 

Many of the Financial Advisers operating in Spain are doing so without any regulation, with no authorisation and if anything goes wrong you the client has no recourse to putting this right. The only acceptable Spanish Regulators are :

The CNMV

The Comision Nacional del Mercado del Valores is the principal financial services regulator in Spain and responsible for authorising investment products. I can help recommend an CMNV approved adviser if required.

The DGS

The Direccion General de Seguros y Fondos de Pensions is the Spanish regulator for insurance products which can be marketed in Spain. Again, please feel free to contact me if you would like me to refer you to an approved adviser.

However, it is also right to point out, that, under European law, UK regulated firms can apply to be ‘passported’ into Spain. Under those conditions the adviser must be authorised in the UK. A recent change in the rules of the Financial Services Authority (FSA) surrounding qualifications means that many advisers are no longer authorised.

Also there will be future changes to the FSA which will I blog about in future.

To protect yourself, Please ask me to help with :

* Checking the regulation of an adviser you already know

* Checking if an advertisement you see is from a valid company

* Recommending properly qualified and regulated advisers who ARE authorised in Spain

Please feel free to post your comments or questions in the (below), however, for a more detailed response or no-obligation second opinion, please click though to my own page by clicking the link here.