Fees free brokers charging for "admin"

Raggie

A quick question for the brokers on here....

Is it normal/accepted/wide spread practices for a "fees free whole of Market" broker to charge an admin fee??

In this case £95+vat!

koexelek

Not if they are "fees free "

Raggie

Thanks... That's what I thought.

But when I asked are you fees free they said yes... But should I take up a product they offer there is a £95 admin fee???

I hesitated for a sec and told them to go forth and multiply.....

Just wondered it wad a new industry practice I had hadn't heard of....

dunstonh

Fee based advisers are fine taking a fee but then they normally wouldnt take the commission if the provider pays it (either by rebating the commission to you or offsetting it against their fee).

If the adviser calls themselves fees free then they cant charge a fee.