HSBC Premier charges £599 for advice about Protection product

ohenriquez

Dear Members

I wonder if it is normal for HSBC to charge £599 plus VAT just for arranging Protection product

I had initial screening assessment and I qualify (salary) but I need to buy a protection product

but today, the Premier Relationships Manager told me

"Please be advised that in order to arrange an Investment or Protection product with me you would be subject to an advice fee which is a minimum of £499 + VAT"


I replied that I would not need advice as I would just purchase the protection product. I am waiting for response


The HSBC Premier account would be useful when being overseas and transferring money from different accounts without charge

Thanks in advance for your advice

grumbler

What's 'Protection product' and why do you need to buy it?

If it's something to do with investments, are you sure that Savings & Investments board is not a better place to ask about this? And what does the current account have to do with this?

Also, there are simpler ways of spending overseas without charges: Cheap Travel Cards

jonesMUFCforever

Under the new rules financial companies cannot rely on commission anymore but charge a fee?
I am surprised you were not informed of this at the first meeting.

YorkshireBoy

grumbler wrote: »

What's 'Protection product' and why do you need to buy it?

If it's something to do with investments

It's a back door entry to Premier banking with HSBC, for those who do not have £50K of savings or investments (or a mortgage, life insurance, investment with them)...but do have a >£100K income.

It's primarily critical illness cover, card protection, redundancy cover, loss of income, etc.

They mention fees are applicable for their advice all over their website, but say they "vary depending on your individual needs"...so I'm not sure how the OP expects anyone here to help without knowing their needs and specific protection product in question?

ohenriquez

Dear Members

Thank you very much for your helpful responses
I may not pay the fee as it looks disproportionately high

I was thinking of getting a card protection or life insurance product

I may find a better way to transfer money from overseas