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Can I reclaim charges for the Bank's advice?
determined_newbiesaver
Posts: 3 Newbie
In my new guise and newbiesaver I have finally taken the plunge and sorted our mortgage (from 5 yrs of SVR.....there I said it!).
I am currently in the process of updating insurances/assurances and when looking through the paperwork we were given following a 2 hour meeting with the inhouse financial advisor at the bank in 2000, I have spotted what appear to be various charges for his advice.
In the financial report we received in the post following the meeting, at the end of each of three plans; a two line para appears which says: "........For this plan the cost of advice is....... £1,830/£320/£982". This means we paid over £1,500 per hour!
Although this was seven years ago and my memory may not be what it once was, I know for certain that we were not told of these costs prior to or during the meeting. Can anyone tell me ...... is this something I should be cross about, should I have been charged for attending a sales pitch for the Bank's own products or is it just one of those things?
Any advice would be very welcome.
I am currently in the process of updating insurances/assurances and when looking through the paperwork we were given following a 2 hour meeting with the inhouse financial advisor at the bank in 2000, I have spotted what appear to be various charges for his advice.
In the financial report we received in the post following the meeting, at the end of each of three plans; a two line para appears which says: "........For this plan the cost of advice is....... £1,830/£320/£982". This means we paid over £1,500 per hour!
Although this was seven years ago and my memory may not be what it once was, I know for certain that we were not told of these costs prior to or during the meeting. Can anyone tell me ...... is this something I should be cross about, should I have been charged for attending a sales pitch for the Bank's own products or is it just one of those things?
Any advice would be very welcome.
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Comments
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The figures relate to the commision the salesman received for selling those products. It should have been pointed out to you and I guess they would say the 2 line para fulfills that requirement.
You can pay a fee up front for an IFA's advice and they do not receive commision then. Most people plump for the salesman getting commision but it can cloud their judgement if one plan pays a better rate than another.0 -
Thanks for replying Mattymoo - I thought this might be the case, but when discussing renewing policies with both a Bank and BS we were given info from both under the FSA direction to say there would be no fee for advice. Have things changes recently or is this something different?0
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They probably mean no upfront fee for the advice but the salesperson will still get a commision I would have thought.0
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Thanks again for your help, no point getting hot under the collar about it then!0
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