IFA not responding

AndrewAfresh

Having been made redundant 3 months ago, I’ve given various queries to my IFA regarding my occupational pension, my private pension & savings plans. I’ve also appointed the IFA to look after my mortgage and endowment as they said it would be good for them to look after everything for me. I would like these questions to be dealt with ASAP as I have cash-flow issues and, as not working, more time to sort things out.

I’ve not heard anything for about a month and have chased by email and telephone (receptionist just says the IFA will call me tomorrow).

Is there any point waiting for them or should I go to another IFA? Many thanks for your advice.

dunstonh

Does anyone really need to answer this one? You want a service, you are not getting it. So, find one that can.

cwal

I agree with the above, find another IFA, you've given them plently of time to answer your questions and they haven't.

xylophone

I’ve also appointed the IFA to look after my mortgage and endowment

Will you have to cancel this arrangement?

AndrewAfresh

Thank you for your replies.

I approached one IFA and they want to charge £500-1000 to do a report;

Instead of cancelling the arrangement, is it possible to appoint a new IFA to take all my policies over, so that they are paid by commission rather than a fee? Or do they not work like that?

liltdiddylilt

Hi

A new system came into force from the beginning of the year... known to people in the industry as RDR (retail distribution review). There is no longer such a thing as 'commission' except on protection policies.

All IFA's/providers now charge on a fee basis to make things easier for the investors. I would suggest writing a letter of complaint to your current IFA to cover yourself with the regulator if you choose to make a further complaint. This may solve your problem with the IFA anyway....

I'd suggest moving, but be aware that the charging structure has changed, although it is much more transparent.

Hope this helps.

dunstonh

I approached one IFA and they want to charge £500-1000 to do a report;

That is about the going rate for a written report/review.

Instead of cancelling the arrangement, is it possible to appoint a new IFA to take all my policies over, so that they are paid by commission rather than a fee? Or do they not work like that?

Yes you can do. Although not all providers will redirect the commission (typically smaller ones or not so strong ones)