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Fees free brokers charging for "admin"
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Raggie
Posts: 616 Forumite
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!
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!
The only place where success comes before work is the dictionary…
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Not if they are "fees free "
I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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....The only place where success comes before work is the dictionary…
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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.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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