ICR047: Transparency of financial advice fees
This week in episode 47 of the Informed Choice Podcast, Martin talks about the transparency of financial advice fees.
There’s also a roundup of the latest personal finance and investing news.
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In the personal finance and investing new roundup this week:
-The average price of a property in London reached nearly half a million pounds in September, according to the latest figures from the Land Registry.
-More than one in five adults can’t read a bank statement, according to the Money Advice Service.
-Phone and broadband provider TalkTalk was the victim of a “significant and sustained cyber-attack” on their website last week.
-Payday lender The Money Shop has been forced to refund £15.4m to 147,000 customers by the Financial Conduct Authority.
-More than £2.7bn has been withdrawn from pension pots since new pension freedom rules were introduced in April, according to HM Revenue & Customs.
-Still on the subject of pensions, Chancellor George Osborne has hinted that major reforms to pension tax relief could now happen in March next year, with an announcement expected during his Budget.
Main topic
Which? have recently published a survey which found that more than two-thirds of the 500 UK financial advice businesses it analysed didn’t publish their fees and charges online.
Researchers from Which? said that these firms were not giving customers advance indication of what they could be charged for their services.
Martin talks about the transparency of financial adviser fees, why advisers should publish an indication of their typical fees online and how Informed Choice ensures their fees are transparent.
Useful links
Here are links to everything else Martin mentioned in episode 46 of the Informed Choice Podcast:
–Society of Later Life Advisers (SOLLA)
–Personal Finance Society National Symposiums
–Content Machine by Dan Norris
–Superforecasting: The Art and Science of Prediction, by Philip Tetlock and Dan Gardner
–The World in 2016: How Advisers can Avoid Pitfalls and Focus on Opportunities (webinar)
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