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Not everyone can afford first-class

We are deemed a general practice, with average annual client income of around 18,000. If we gave our clients no choice of how we earn a living but fees only, we may as well shut up shop. Since giving the clients the choice using IDD, every one has said they are happy for the provider to pay us.

Over the last month, for all business transacted, including pension transfers, we asked, if you had to pay us a fee, would you still go ahead and allow us to act for you? In every case, the answer was, “we would not do anything”.

This would leave them in a poor pension product going backwards and the only people who would benefit is the pension provider. Is that treating customers fairly?

It is time that those high- earners who make these recommendations remember that not everyone has the spare cash to get a first-class service. However, the client accepts that we are not a charity so are happy to let the provider pay.

George Chappell

Director Black Dog Financial Services Elgin, Morayshire

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