Financial Advice

atush

fred246 wrote: »

She did actually get me the very large mortgage. It was more of a liar loan actually but it is now all paid off so I have always been very grateful to her for doing that. The pension I was less impressed with but it now forms part of a portfolio of investments which have allowed me to take early retirement.

Any cahnce she worked for a bank?

fred246

atush wrote: »

Any cahnce she worked for a bank?

No. She was an Independent Financial Adviser and she worked for a firm of Independent Financial Advisers. She earned her money through commission. She used to print out lots of products for me to sign. I always read them which she didn't like and the last sentence was normally about her commission. I do understand that the regulators have had to act and things might be better now commission has been banned. The spivs have now got to charge sky high fees by charging by percentages to make it sound better.

dunstonh

No. She was an Independent Financial Adviser and she worked for a firm of Independent Financial Advisers. She earned her money through commission.

But you said it cost you a fortune. But you employed her on a commission basis.

I always read them which she didn't like and the last sentence was normally about her commission.

So you knew exactly what you were buying and the reasons why and the costs. So, what is the problem?

I do understand that the regulators have had to act and things might be better now commission has been banned. The spivs have now got to charge sky high fees by charging by percentages to make it sound better.

The rules require charges to be disclosed in a monetary format. They may be calculated by a percentage basis (amongst other methods) but the monetary amount must be stated on both the fee agreement, the disclosure documents and the suitability report.

grey_gym_sock

fred246 wrote: »

In what way is the narrator unreliable?

the narrator says they took out a liar loan. if they didn't in fact take out a liar loan, then they are unreliable. OTOH, if they did take out a liar loan, then ...

nrsql

grey_gym_sock wrote: »

the narrator says they took out a liar loan. if they didn't in fact take out a liar loan, then they are unreliable. OTOH, if they did take out a liar loan, then ...

>> She did actually get me the very large mortgage. It was more of a liar loan actually

Difficult to say without more detail but sounds like the OP was following advice of the IFA - both being dishonest.
But it turned out well so sounds like the IFA was acting in the best interests of the client - in hindsight.