The "flabbergasted" boss of a national IFA has revealed the business received an unexpected 200,000% increase in a fee payment from a provider following an accounting gaffe.
Networks don't collect enough money from their advisers to maintain sufficient systems and controls, which means they can only go one way - down, according to the chief executive of IFA network 2plan.
Advisers should shy away from clients eager to cash in their pension pots and bear in mind annuities are "still key to the advice process" for pots worth £30,000 to £100,000, said 2plan chief executive Chris Smallwood.
Chris Smallwood, the chief executive of Openwork-owned national IFA 2plan, has called on the regulator to crack down on what he said were 'misleading' terms used by some restricted advice firms to describe their services.
The Serious Fraud Office (SFO) has said it, together with Essex Police, is continuing to investigate complaints into troubled overseas property company Harlequin.
A couple is pursuing national IFA firms Positive Solutions and 2plan Wealth Management for what they claim was negligent advice to invest in high risk unregulated investments - including using money they had received from a critical illness (CI) payout....