We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Renewal Commission Rebates

Debt-Free_2
Posts: 24 Forumite
Hello
Been thinking about taking up the offer from Elson about rebating the renewal commission. His there any snags to this, as I read on here that you can lose your consumer protection when your transfer your investments to another broker.
Thanks in advance.
William
Been thinking about taking up the offer from Elson about rebating the renewal commission. His there any snags to this, as I read on here that you can lose your consumer protection when your transfer your investments to another broker.
Thanks in advance.
William
0
Comments
-
Been thinking about taking up the offer from Elson about rebating the renewal commission. His there any snags to this, as I read on here that you can lose your consumer protection when your transfer your investments to another broker.
You dont lose your consumer protection for the original purchase. However, there are ongoing things where work may be required or you need to be informed of things and if you transfer the agency, the old adviser no longer has any requirement to inform you are warn you etc. That is the responsibility of the new adviser. Although a rebating firm is not going to provide advice as you are effectively opting out of that.
Also, not all agencies get the same terms. For example, one firm may get discounts on the AMC or initial charge that another doesn't. Some products dont pay trail or renewals so moving to a firm that charges you x amount but getting your trail/renewals back when there are none can cost you more.
If you dont need advice and the product does pay a trail or renewal then it does make sense to do it if the terms are going to be the same or better.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.0 -
Hi dunstonh,
Thanks. No I don't need advice, but will check the
terms, before I go ahead.
William0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.3K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 240.9K Work, Benefits & Business
- 617.1K Mortgages, Homes & Bills
- 175.6K Life & Family
- 254.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards