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Freedom of information requests to a IFA
Comments
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Are you definitely paying an ongoing adviser charge? Commission no longer exists.bigdec said:
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.Keep_pedalling said:
And no annual reviews?bigdec said:
He does not show or send me anything??sheslookinhot said:Does he not bill you with work done for you during each month ?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?I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.2 -
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.Commission ceased on new business on 1st January 2013. When did you take this out?
What you describe doesn't sound like an ongoing advice charge. So, are you actually paying for ongoing advice?
If it is being taken from the monthly contributions, then it sounds like an initial charge. If it is post 01/01/2013, then the charge can only be taken for up to 12 months and must match the agreed fee. if its pre 2013, then it will be initial commission.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.3 -
Under current rules, IFAs cannot be paid commission on investments. They are only paid by you to do the work you want done. Or were you actually talking to an FA/Salesman?bigdec said:
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.Keep_pedalling said:
And no annual reviews?bigdec said:
He does not show or send me anything??sheslookinhot said:Does he not bill you with work done for you during each month ?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?1 -
FoI not only applies to just public bodies and certain quasi public but it explicitly excludes any personal information or anything that may identify an individual.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?
Data Subject Access Request is what is required when someone wants to know what an organisation holds on them irrespective of if it's a private business or public body.
A DSAR may show what they've been doing on an individual account if they are actively managing individual investments etc however many investments are doing in broader funds etc and those can be monitored at a higher level as they'll often be recommended similar solutions to customers with similar demands and needs4 -
When was this set up? IFAs have not allowed to be commission based for a long time. What investments do you hold in your pension?bigdec said:
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.Keep_pedalling said:
And no annual reviews?bigdec said:
He does not show or send me anything??sheslookinhot said:Does he not bill you with work done for you during each month ?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?1 -
I get nothing from himsheslookinhot said:Does he not bill you with work done for you during each month ?0 -
Each month the the investment platform takes a small charge and the entirety of the rest of my monthly payments the IFA takes so I'm not actually making any payments into my own pension fund so I want to know what this person's actually doing for the money????wjr4 said:
Are you definitely paying an ongoing adviser charge? Commission no longer exists.bigdec said:
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.Keep_pedalling said:
And no annual reviews?bigdec said:
He does not show or send me anything??sheslookinhot said:Does he not bill you with work done for you during each month ?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?0 -
So sack them.bigdec said:
Each month the the investment platform takes a small charge and the entirety of the rest of my monthly payments the IFA takes so I'm not actually making any payments into my own pension fund so I want to know what this person's actually doing for the money????wjr4 said:
Are you definitely paying an ongoing adviser charge? Commission no longer exists.bigdec said:
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.Keep_pedalling said:
And no annual reviews?bigdec said:
He does not show or send me anything??sheslookinhot said:Does he not bill you with work done for you during each month ?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?3 -
no this particular individual is an IFALinton said:
Under current rules, IFAs cannot be paid commission on investments. They are only paid by you to do the work you want done. Or were you actually talking to an FA/Salesman?bigdec said:
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.Keep_pedalling said:
And no annual reviews?bigdec said:
He does not show or send me anything??sheslookinhot said:Does he not bill you with work done for you during each month ?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?1 -
Basically I've been paying him so much for so long I want to know what exactly doing each month to qualify for the amount I'm paying because since the initial pension payment I don't think a single cash amount is ever being used for the pension0
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