Freedom of information requests to a IFA

bigdec

Can I ask my IFA for what information he holds on me and would the request also include any actions he has taken on my pension account . I am trying to figure out if  he active in the management of the account or am I just paying monthly fees and he is not doing anything ?????

Green_hopeful

you can do a data subject access request (DSAR) https://ico.org.uk/for-the-public/getting-copies-of-your-information-subject-access-request/#:~:text=You%20have%20the%20right%20to,a%20SAR%20or%20a%20DSAR. 

masonic

Freedom of Information is for public bodies. You could potentially make a Subject Access Request (SAR/DSAR). However, have you considered just asking for a statement of your account?

sheslookinhot

Does he not bill you with work done for you during each month ?

bigdec

masonic said:

Freedom of Information is for public bodies. You could potentially make a Subject Access Request (SAR/DSAR). However, have you considered just asking for a statement of your account?

What would that cover ??

bigdec

sheslookinhot said:

Does he not bill you with work done for you during each month ?

He does not show or send me anything??

masonic

bigdec said:

masonic said:

Freedom of Information is for public bodies. You could potentially make a Subject Access Request (SAR/DSAR). However, have you considered just asking for a statement of your account?

What would that cover ??

A statement would show all of the transactions. If your expectation is that your IFA should be actively buying and selling investments within your pension, then you'd see that. Whether or not it is a reasonable expectation for him to do so would depend on what you've agreed. It is unusual for an IFA to agree to serve as an investment trader for a client.

Whereas a DSAR may only reveal information he has recorded about you. Such as personal info, basic account information, records of emails/phonecalls/meetings, etc.

Keep_pedalling

bigdec said:

sheslookinhot said:

Does he not bill you with work done for you during each month ?

He does not show or send me anything??

And no annual reviews?

Have you actually asked for any info?

Do you not have online access to your account?

Are you actually sure you are dealing with an INDEPENDENT FA? 

dunstonh

I am trying to figure out if  he active in the management of the account or am I just paying monthly fees and he is not doing anything ?????

A DSAR won't show that specifically.

Plus, IFAs do not trade.    An IFA may select the investment funds and weightings and may control the overall sector and asset allocation, but the funds do the actual trading.    If a discretionary investment manager is utilised, then the IFA acts as your agent with the DFM and can stop or approve changes on your behalf.

Have you asked your adviser what they are doing?    Most client-adviser relationships work best when there is communication.  People want different things.  Some clients, are more focused on planning.  Some on utilising allowances each year.  Some on having someone oversea the investments.   Some on all those things.    Communication of what you want and what the adviser can provide is important.

He does not show or send me anything??

So, you don't have any discussions or meetings (virtual or physical)?
You should be contacted at least annually (since 2018 - before that it could every 2 or 3 years).    Unless your pension was bought before 1st January 2013.   In that case, if the pension is undisturbed and paying a commission, then that commission can be retained without needing to provide a service.  

bigdec

Keep_pedalling said:

bigdec said:

sheslookinhot said:

Does he not bill you with work done for you during each month ?

He does not show or send me anything??

And no annual reviews?

Have you actually asked for any info?

Do you not have online access to your account?

Are you actually sure you are dealing with an INDEPENDENT FA? 

No reviews only spoken with him realistically 3 times  when investment set up , when I had a health scare and when I found out my monthly payments are paying him all commission and have not purchased any nore shares.

bigdec

sheslookinhot said:

Does he not bill you with work done for you during each month ?

No paper work or calls or email