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Advisers hit out at Which? fee probe

Advisers have questioned research conducted by Which? following a survey which found a wide disparity between fees quoted for simple transactions.

The Which? survey of 200 advisers asked for quotes to transfer a £10,680 investment into a stocks and shares Isa. The average fee was £356 but one adviser quoted £2,500 while two others quoted just £106.

It also asked about a £5,000 transfer into a stakeholder pension. The cheapest fee quoted was £50 while the most expensive was £2,500.

Yellowtail Financial Planning managing director Dennis Hall says: “The kind of things Which? is asking for quotes for are in isolation and therefore not something that people would get good quotes for. IFAs cannot make money out of single pension transfers or investing in Isas.”

Jacksons Financial Services managing director Pete Matthew says: “If the client obsesses too much about the price, I am likely to politely point them towards another adviser. I do wonder if some of the more expensive quotes are pricing to avoid just such prospects.”



FSA fines Direct Line and Churchill £2.2m

The FSA has fined Direct Line Insurance and Churchill Insurance Company Limited £2.2m for failing to prevent files requested by the regulator from being “improperly altered”.   The regulator says during the collation of 50 complaint files requested by the FSA for review, 27 were altered improperly before they were submitted to the regulator. However […]


TSC: More accountability will mean better regulation

The Treasury select committee has called on the Government to increase the accountability and transparency of the new financial conduct regulator. In a report published last week, the TSC says current proposals do not provide for “adequate accountability” or “sufficient scrutiny”. It says the Financial Services Bill should include FSA chairman Lord Turner’s suggestion of […]

European parliament sounds alarm over EU budget treaty

The European parliament says democratic accountability, measures to boost growth and a financial transactions tax must be included in the intergovernmental treaty aimed at installing fiscal discipline in the Eurozone. Once complete, the fiscal pact will place strict budget rules on Eurozone countries and any other EU member states which sign up to it. The […]


Names touted as Gay successors at Aifa

Aifa director Robert Sinclair (pictured), Tenet distribution and development director Keith Richards and Positive Solutions chief executive Jim Reeve have all been touted as potential successors to Stephen Gay as Aifa director general. Aifa last week announced Gay was leaving the trade body to be director of life, savings and protection at the Association of […]

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Johnson Fleming set to host webinar on auditing auto-enrolment schemes

With 23 auto-enrolment compliance notices issued by the Pensions Regulator, and an evolving legislative landscape meaning previously compliant schemes may now be in breach of regulation, now is the time to think about auditing your auto-enrolment scheme. Johnson Fleming is hosting a webinar on 9 October at 11:00 on how to audit your scheme to ensure compliance, avoid breaches and fines and overcome data issues.


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