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Standard Life offering to pay for appointment with a Financial Adviser
VickyM_2
Posts: 265 Forumite
When I got my offer of compensation from Standard Life for my endowment complaint, I noticed in the small print that if I want to see an Independent Financial Adviser to discuss what to do next (eg swap to a repayment mortgage) they'll pay for this... up to £350!
Has anyone else done this and if so was it a straightforward process to claim the money back? (you have to pay the IFA first and then send the invoice to standard life).
Has anyone else done this and if so was it a straightforward process to claim the money back? (you have to pay the IFA first and then send the invoice to standard life).
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Comments
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Yes. The IFA provides an invoice, you pay the IFA and SL pay you. Many IFAs will issue an invoice for the full amount so you can claim the £350 but not actually charge you £350.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
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I'm looking for a 'slightly shocked smiley' to say - wow, that never even crossed my mind! (that level of naiviete possibly explains just how easy it was to sell me an endowment...)
but now that it has...I think I shall definitely be taking Standard Life up on their very kind offer.
thank you!0 -
Don't forget to wait for the windfall coming in the summer from the demutualisation
It should be a lot more than 350 quid.
I hope that IFAs are reminding Standard Life members about that.
It might be a bit of a temptation for them to forget, as they will make more more in commission from suggesting a surrender and remortgage.
If it sounds too good to be true, it probably is.
Trying to keep it simple...
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I hope that any IFA who does that ( issues an invoice for £350 but charges less) remembers that they would have to include the full £350 invoiced in their accounts, and pay any tax on it accordingly ... especially as fraudulent accounting is a good way to struck off as an approved personAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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If its treated in a similar vein as a commission rebate, then there are no problems as that has a full audit trail.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
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