IFA issue - not sure if FSA can help...

quietdesign

thanks again leonw

you are right re fee size...

and yes i did find out about the aldermore fee at mortgage offer stage, however by this point i had not only paid £500, but also a very large valuation fee... plus it had all taken so long that the bank who wanted me off their books were breathing down my neck...

i have no truck with the aldermore fee, its the 1% (which i know i agreed to)...

and while i agreed to it, i was told (by the person collecting the fee) that it was the only way to go when it wasn't... this is basically why i feel tricked...

you are probably right and i should have doubled checked with aldermore, but they have now told me that they would have been more than happy to deal directly, or with the initial IFA who wouldn't have charged me £3500 on top of the £3000 he was getting as commission...

ah well...

Thrugelmir

quietdesign wrote: »

and while i agreed to it, i was told (by the person collecting the fee) that it was the only way to go when it wasn't... this is basically why i feel tricked...

Precisely why the FSA does not regulate in this area. Commercial lending is a business transaction. Any one transacting in this area is deemed to be knowledgeable enough to look after themselves or will obtain their own independent professional advice.