Financial regulators in France

A few weeks ago in my column in the Aude and Ariege Flyer I referred to a certain Mr Warren Templeton, a low-life swindler who was operating in the Dordogne region. His case seems to have sparked a great deal of interest in the regulation and monitoring of financial advisers; and so it should too. I am seeing an increasing number of clients who have come to me because they are worried about advice they have taken either before coming to France, or within a short period after their arrival here. I’m sorry to report that in a lot of cases the advice they acted upon was either born out of ignorance or ineptitude, and in some cases worse.

At Spectrum we have a clear policy; we believe that it is in the clients’ interests for us to be registered and regulated in each of the countries where we offer our services to expatriates. This has always been our policy. We have always encouraged our clients to maintain their relationship with their UK financial adviser if they continue to hold UK based investments. If that adviser is competent, he will know when his client should be talking to us.

The publicity surrounding this case has prompted some interesting and conflicting views in the national English-in-France press. One large spread advert seems to imply that the likes of Templeton are clowns; not a view that I think his victims will share. Another article claims quite openly that it is OK for expat advisers in France not to seek regulation here, because they don’t speak French well enough and may misunderstand the rules.

It’s a funny old world.