Advise wanted :- not sure where to post this one though

runner20k

i have posted this in another part of the forum but was told i might get a better responce posting here.

we had financial advise 2 years ago when we purchased our house. who arranged mortgage, health cover and all the rest of it. they didnt mention fees or anything at the time. we recently canceled one of the policys because we thought it was a waste of time. had a letter from advisor asking for £800 as we had cancelled policy that we where tied into for 4 years, we were not told this at the time and like idiots we didnt read the small print. he has sent us a form which we signed where he is waiving his fees because we have taken the policy's etc ,, but the form is pretty much blank ie the fees waived part was not filled out by him so we did not know at any time what his fees where if that maes sence, does any one know how this would stand in court as yes we did sign the form but we where told at any time what the fees where....

thanks to any one who can help

Andrew24620

Hi
Can't be certain (Dunstonh can you help here?) but I have a feeling this isn't allowed under FSA guidelines. Suggest you call the FSA's helpline (see their webpages) andrun it bythem. Alternatively try Financial Ombudman Service (FOS) - again see webpages.

In the advisor's defence, they willhave spend time (and so money) in providing service and advice to you. If you paid them an upfront fee I'd struggle for them to justify why they're reclaiming money from you now. If you paid no fees it is likely the advisor was paid via the commission from the products you bought. If some or allof these products are cancelled within a certain time (can be up to4 years) then the insurer claims back a proportion of the commission from the advisor. Hence, he's out of pocket and wants you to pay.

Check it out with FOS/FSA and take it from there.

dunstonh

I posted a response on one of the other threads. I think there are three duplicates going at the moment.

gibby

I got a policy cancelled & they tried to charge for the full 12 months

I complained that the advosir had not told me this on tkaing the policy & they canceled the charges

try the same

G