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FCA: DB transfer advice shouldn't cost more than £3,500

2

Comments

  • sandsy
    sandsy Posts: 1,759 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Dasa wrote: »
    Has anyone had any experience with a company called Pension Works? They've quoted me £500 to look into transferring a deferred DB amount of £48,000 TV and £3000 for doing the transfer if they think it worthwhile.

    Don't know anything about them. But it seems to be heavily in their interests to recommend a transfer whether it's the right thing for you or not.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    1,000 Posts Photogenic Name Dropper First Anniversary
    Thrugelmir wrote: »
    Is an article from last July. Matters have moved on since then.

    Add CPi at 1.4%?
  • JoeCrystal
    JoeCrystal Posts: 3,434 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    sandsy wrote: »
    Don't know anything about them. But it seems to be heavily in their interests to recommend a transfer whether it's the right thing for you or not.

    I agreed, it should be the same price regardless of the outcome of the result to avoid a conflict of interests.
  • Andrew31
    Andrew31 Posts: 152 Forumite
    100 Posts Name Dropper
    FCA know nothing about IFAs. SO many stopping DB transfers because even at £5k, its just not worth it.
  • Albermarle
    Albermarle Posts: 30,860 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    They've quoted me £500 to look into transferring a deferred DB amount of £48,000 TV and £3000 for doing the transfer if they think it worthwhile.
    Seems like the figures are the wrong way around .
    Doing the analysis if whether it is a good idea to transfer or not is the expensive bit . The actual transfer is the easy bit and you could do it yourself if you wanted.
  • Andy_L
    Andy_L Posts: 13,154 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    JoeCrystal wrote: »
    I agreed, it should be the same price regardless of the outcome of the result to avoid a conflict of interests.

    Based on people asking about DB transfers on here, customers seem to want a positive recommendation. Are they going to be happy having to pay £3.5k for a negative recommendation?
  • JoeCrystal
    JoeCrystal Posts: 3,434 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Andy_L wrote: »
    Based on people asking about DB transfers on here, customers seem to want a positive recommendation. Are they going to be happy having to pay £3.5k for a negative recommendation?

    They are paying for advice. Not for the positive or negative recommendation.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    1,000 Posts Photogenic Name Dropper First Anniversary
    JoeCrystal wrote: »
    I agreed, it should be the same price regardless of the outcome of the result to avoid a conflict of interests.

    If the outcome makes no difference to the fee then, by the same token, it is heavily in the interest of the adviser to provide a negative recommendation.
  • IBunduli
    IBunduli Posts: 4 Newbie
    An IFA has quoted fees of £22,500 + 0.75% per annum ongoing fees to transfer my 3 defined benefit pension pots into a SIPP (of their choosing, not mine). Transfer values amount to just over £500k for the 3 DB pensions.
    How can I find a cheaper IFA?
    I am so stunned at the astronomical costs that I am thinking it would be cheaper to take the IFA exams and advise myself. Does anybody know if this would be allowed or has anybody actually done it?
  • SonOf
    SonOf Posts: 2,631 Forumite
    1,000 Posts Fourth Anniversary
    IBunduli wrote: »
    An IFA has quoted fees of £22,500 + 0.75% per annum ongoing fees to transfer my 3 defined benefit pension pots into a SIPP (of their choosing, not mine). Transfer values amount to just over £500k for the 3 DB pensions.
    How can I find a cheaper IFA?
    I am so stunned at the astronomical costs that I am thinking it would be cheaper to take the IFA exams and advise myself. Does anybody know if this would be allowed or has anybody actually done it?

    You have a thread on this so no point duplicating on this one.
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