Nationwide Looking for advice on dealing with a QFA

[AndrewR]

I've recently started down the road of organising my finances with the help of a QFA.


I've read the thread on finding an independent financial advisor (not allowed post link but would appreciate the feedback of AAM on the following topics :

• Is there any independent/regulatory way to verify the bone-fides of the QFA?
• Should/could I ask him for recommendations from clients?
• When I mentioned charges and fees initially I was told that the commission he would earn on an Income-Protection policy would cover the charges and fees, who will this be beneficial for me or him? and if I ask for a cost for the work what would be an reasonable hourly rate for providing this advice?
• Is there any rule-of-thumb that can be applied to calculating fees/charges? in the event of a disagreement over these fees/charges is there a body who deal with such disputes?
• In the event of receiving bad advice or being missold a product what are the avenues of recourse - Financial Ombudsman etc. and how does the QFA related industry and bodies ensure that the misselling does not take place?

I've no reason to double the veracity of the individual but am concerned that I'm starting into a process that I do not know enough about the parameters and boundaries of the advise I'm being given e.g. I can tell the QFA that I'd prefer to pay a fee based on the work involved in preparing and supplying the advice but how can I tell if the fee represents bad value for money?

Regards,
AndrewR