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IFA ethics

Angus44
Angus44 Posts: 6 Forumite
in Auto-enrolment
A close friend several years ago arranged a personal pension through an IFA. They have looked after this for several years now. It is held within a Standard Life Wrap, which I believe is a broker only product. The IFA has just written to him to inform him that they will no longer represent him as his pension fund (£43k) plus some other investment products is not large enough for them to continue to support him profitably. They offered absolutely no hand off advice just a very terse letter (unsigned), and have left him with a product he neither understands or can deal with. Does anyone know whether an IFA can just drop a long time client like this with no assistance? To be fair, Standard Life have offered some help (at a cost), but it does not seem fair or ethical of the IFA to just dismiss clients to whom they have sold complex broker products. Any thoughts?

Comments

  • cloud_dog
    cloud_dog Posts: 6,043 Forumite
    Name Dropper First Post Photogenic First Anniversary
    This would get more responses on the main Pension forum.

    Can the boards mods move it.
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • Angus44
    Angus44 Posts: 6 Forumite
    Yes. Thanks. As a newbie I hadn’t noticed it was in the wrong forum until I had posted it and then hadn’t a clue as to how to move it!
  • cloud_dog
    cloud_dog Posts: 6,043 Forumite
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    I'm unsure if there is a better way but usually we simply post and ask the Board Mods to move it.
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • JoeCrystal
    JoeCrystal Posts: 3,011 Forumite
    Name Dropper First Anniversary First Post
    Angus44 wrote: »
    Yes. Thanks. As a newbie I hadn’t noticed it was in the wrong forum until I had posted it and then hadn’t a clue as to how to move it!

    I would just repost your post on the main forum if I was you. I am looking forward to reading the posts about it as there will be some strong feelings as you can see from fred246's comment below.
    fred246 wrote: »
    The parasite has detached from the host due to lack of sustenance. Disgusting. Pretty normal behaviour for an IFA in my experience.

    There is no need for such comments. Do you use many IFAs, all of which gave you a horrible experience in the past?
  • fred246
    fred246 Posts: 3,620 Forumite
    First Anniversary Name Dropper First Post
    Yes I have always had awful experiences with IFAs. They're only interested in lining their own pockets.
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