Complaints

Are IFAs liable if you lose money because of the advice they have given?

An IFA isn't liable if you lose money because of the advice they have given, unless they have given you guarantees as to what the outcome will be from the product you are getting. If they said you are going to get a return of ten percent, and you're only getting seven and a half, then obviously they've guaranteed something that's not true, so yes, they're liable in those circumstances. If they have told you that there's no guarantee on the product, and it is risky, it could go up or down, and the product was appropriate for you, then they are not liable for underperformance.

Am I able to complain about an unauthorised financial adviser?

The only way you can complain about an unauthorized financial adviser is through the courts. It would have to be a legal case if they have run off with your money, or whatever they have done. In the UK, consumers are protected if they use an authorized financial adviser. There is no protection in place specifically if you use someone who is unauthorized.

Can I get my money back if I lose it due to an IFA's advice?

If you've had advice from an IFA and you do lose money, it would very much depend on the advice that was given, and the outset as to whether or not you can recover that money. If the advice wasn't appropriate at all, based on the information that you'd given the advisor, then there's a possibility you can complain and they will decide either way, in favour of you or the firm. If it's the investment performance you're complaining about, then there's no grounds for complaint.