IFA Advice. Can I claim back fees?

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Nevski
Nevski Posts: 2 Newbie
in Savings & investments
In late 2009 my IFA decided to retire. He passed on my details to another IFA who sent me a letter saying that we should meet and discuss my investments. I decided to ignore the letter as I was happy with my current investments and I didn't have any spare funds to invest. Now 3 years later I find that I have been paying them a quarterly fee which is a percentage of my total investments. In your opinion can I claim back these monies? I haven't sent them a letter yet as I want to see what you guys think first . Thanks in advance

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  • Aegis
    Aegis Posts: 5,688 Forumite
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    You could always send a letter asking if they would consider rebating some of the fees as you haven't used their services at all in the last three years. They likely won't be required to do so unless your original agreement stated as such, but they may be willing to do so as a goodwill gesture.
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    In your opinion can I claim back these monies?

    What are these fees and what are they documented to cover?

    It is probably unlikely you can if they are factored into the product as they are usually structured as commission but if it is a retainer by standing order from your current account then this should have a fee agreement in place stating what you get for those fees.

    For cases put in place after Jan 2013 then ongoing regular remuneration has to be justified and agreed. Prior to that date, if it is say trail commission, then it doesn't need to be. Give us a bit more detail on what this fee arrangement is.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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