From: "Miss L. Toe" 
Newsgroups: uk.finance
Subject: Re: IFAs, Pensions and Charges
Date: Thu, 18 Jan 2007 11:56:20 -0000


"Jeff"  wrote in message
news:WPidnSFIpfVfwDLYnZ2dnUVZ8sylnZ2d@bt.com...
> Hello
>
> I recently paid an IFA £350 for a pensions review - I wanted to work on a
> fee basis to avoid any bias.
>
> My initial preference was to move out of w/p and consolidate my existing
> funds into a SIPP and this was indeed my IFA's recommendation.
> £350 for a few hours work seems a bit steep, but I guess it's par for the
> course.
>
> But my problem is that the IFA has recommended a SL SIPP (most of my
current
> pension is already with SL anyway) and this will result in an initial
> commission payment of about £6k to the IFA - plus an ongoing commission of
> 1%. I'm rather unhappy about this since :-
>
> a) it seems wildly out of proportion to the effort involved in arranging
the
> transfer (filling in the forms etc)
> b) since this is so profitable to the IFA, how can I be sure that my
> original fee based advice was unbiased?
>
> Obviously I'll be taking this up with my IFA in the hope of getting some
> commissions returned, but in the meantime does anyone have any comments on
> whether this is normal, and advice on how I could have avoided it?
>
> It seems that SL won't let me set up my own SIPP. Is this the same for all
> companies?
>
> Thanks
> Jeff
>
>

If you engage him on a fee basis surely he should pay back to you all
commissions received.

Why not ask him why he prefers SL over sippdeal or Hargreaves Lansdown ?

(HL and many others allow you to set up your own SIPP)