A hasty referral can cost a small fortune


Back to basics was the phrase chosen to revitalise John Major’s government in 1993 following allegations of sleaze, and it backfired spectacularly.

I’m not sure whether I should be using the expression here as I don’t want to jinx things, but we are looking to capture the sentiment.

As the economy emerges from recession many advisers are no longer fighting simply to survive. The National Association of Commercial

Finance Brokers is looking to return to core values, raise professionalism and encourage best practice.

It was only natural that such things fell off the radar for members and the association as priorities changed dramatically while the wolf was at the door.

But the threat of advance fee fraud is still present, with brokers introducing clients to other brokers who prove to be dishonest.

One broker introduced several clients to one of these fraudsters and lost £20,000 of their clients’ money. They are now in the unenviable position of trying to pay those clients back.

If you have a case you’re not sure about by all means use another broker to place it but be careful who you choose. Your first port of call should be an NACFB member but if you pick someone else ensure you have done due diligence checks first.

I never cease to be amazed at advisers who are willing to hand over clients’ money on the basis of a single meeting. A few checks could save you a small fortune.