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Support for IFAs on renewals

Most investors believe investment companies should not have a say in what brokers do with renewal commission, according to a survey by IFA Chartwell.

Chartwell set up the survey after Fidelity threatened to stop dealing with it or withhold renewal commission if it continues to rebate a share of renewal commission to clients.

The company surveyed 250 of its clients by email and is doing a postal survey of ano ther 50,000-60,000 people.

The survey asked if investment companies should have a say in what brokers do with their renewal commission. Ninety-four per cent said no.

None of the investors thought brokers should be stopped from rebating ren ewal commission and 94 per cent support the service.

Twenty-six per cent say Chartwell is correct in its stance, 32 per cent think Fid elity is acting immorally and 13 per cent say they will not do business with Fidelity.

l Letters, p41

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