VouchedFor will now feature the details of almost 20,000 financial and mortgage advice firms regulated by the Financial Conduct Authority on its directory.
The review service will create a free, basic profile for all advice firms, which it said would make it easier for potential clients to check a firm’s details, such as name, address, advisers at the firm and whether they are FCA-regulated.
Adam Price, VouchedFor founder, said: "Launching the universal directory is a huge leap forward in improving consumer access to advice.
"We plan to create one, easy-to-use, destination for consumers to find or check a trusted advice firm."
The service has run a pilot with 300 firms and hopes the new universal directory will prompt investment, pension and mortgage providers to reconsider how they signpost toward advice.
VouchedFor added that many had stopped doing so, in favour of free government guidance services.
Price added: “In line with consumer duty, it’s imperative consumers understand how to seek both guidance and advice. We will work in collaboration with our new owners, Fintel, who have an extensive network in the provider community.”
It will enable consumers to easily check if a firm they're considering working with is legitimate or not, something that is currently far harder than it should be to doScott Atkinson, GPFMKeith Richards, CEO of the Consumer Duty Alliance, said more than 8mn consumers have a need for advice and the ability to pay for it but do not engage, mainly due to a lack of trust and awareness.
“VouchedFor’s decision to give all FCA-regulated firms a free profile on their directory is a positive step to give more consumers the confidence to engage in their financial wellbeing and start their financial advice journey,” he said.
Scott Atkinson, managing director of GPFM, a firm currently on VouchedFor, also said the move was positive for advice firms.
“Even clients who are recommended to us by their friends or family seek further assurance by looking us up online,” he explained.
“VouchedFor is a trusted consumer brand which gives prospective clients the confidence to get in touch.
"Adding a basic profile for every regulated advice firm is a positive move for the whole profession, as it will enable consumers to easily check if a firm they're considering working with is legitimate or not, something that is currently far harder than it should be to do.”
Back in November, SimplyBiz parent company Fintel purchased VouchedFor for £7.5mn.
At the time, Fintel said the purchase of VouchedFor would increase consumer confidence and access to advice.
As part of the deal, VouchedFor's leadership and team remained in place but now work alongside the Fintel management team to expand the reach and services of VouchedFor.
amy.austin@ft.com
