Submitted on Wednesday 9th September 2020
Rejected on Thursday 8th October 2020
Current status: Rejected
Rejection code: irrelevant (see below for details)
introduce a maximum fee for financial advisers for initial and ongoing fees.
at present we have independent financial advisers charging a range of fees from 1-3%,tied agents charge 5%.for limited advice this is not acceptable and i want the government to protect people from being overcharged by introducing maximum fees,both initial and ongoing.
when the review of the financial services industry was completed several years ago,the government for some unknown reason allowed tied agents/multi tied agents to charge 5% initial fees,1% ongoing fees,and as high as 6% exit fees.the majority of ifas charge between 1%-3%.the clients who are charged these fees have less choice through the restricted nature of the advice yet are charged nearly twice as much.this is completely unfair and i cannot understand why the government allowed this to happen.the number of complaints against tied agents is obviously very high and a cap on the fees would remove all these complaints and reduce compensation payments.
You can't sign this petition because it was rejected. But you can still comment on it here at Repetition.me!
The Government e-Petitions Team gave the following reason:
We can't accept your petition because the UK Government aren't responsible for the issue you raise. While the FCA has certain rules to increase transparency around fees, the level of these is a contractual matter for financial advisors and their customers, not the UK Government or Parliament.
3.137.178.133 Thu, 09 May 2024 18:35:18 +0100
