The day the FSA told a client: Your IFA is charging too much

The FSA will not use the sales data it plans to collect from adviser firms to tell them how much they should be charging for their services. Or so it says.

Scott Sinclair
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The FSA will not use the sales data it plans to collect from adviser firms to tell them how much they should be charging for their services. Or so it says.

According to one IFA (or rather his ex-client), it already does precisely that – it just takes a phone call to its Customer Contact Centre. His story goes like this: Three months ago prospective client, seeking to set up a regular premium pension to which she will contribute £1,000 a month, has plans to retire with a certain amount on a specified date. She would like him to help her make it happen. Our adviser meanwhile, aware of the customer’s stated cautious attitude to risk, spends a minimum of eight hours researching and putting together a report that will outline how she may be a...

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