What is a product facilitated adviser charge?
As a member of a workplace pension plan, there may be occasions when you require professional financial advice to help you make the most of your savings. For example, if you want to:
- Transfer benefits between pension plans,
- Review and amend your investment strategy,
- Change how much you would like to pay in,
- Make a lump sum payment,
- Make the most of your contribution allowances or tax limits.
- Move money out of your pension plan.
To do this and benefit from the protection of the industry regulator, you will need to recruit the services of a financial adviser who is authorised and regulated by the Financial Conduct Authority. And whilst you agree with an adviser how to pay for their services, it is your pension provider who facilitates the payment via a ‘facilitated adviser charge’. The amount is usually paid directly from your pension pot. This ‘facility’ can be used as many times as you need, provided it relates to the relevant pension. Once your pension provider has deducted the facilitated adviser charge from your pension pot, they are then responsible for paying the adviser.
So, in a nutshell, if you want professional financial advice in relation your pension you will need to pay an adviser. Your pension provider can make these payments for your directly out of your pension pot, which of course will reduce the value of your pension pot over time.
Meet some of the team
David has over 20 years’ experience in the financial services industry.
In 2009 David set up a claims management company which focused primarily on pursuing compensation for individuals who had received poor advice in relation to financial products. Since that time he has managed to secure tens of millions in compensation for clients who have suffered loss as a result of receiving poor financial advice around pension transfers.
Damian qualified as a Solicitor in 1994 and has a wealth of legal experience in Consumer and Commercial Litigation.
Since 2007 Damian has specialised in Consumer Financial Mis-selling and Personal Insolvency. He has experience of pursuing Financial Mis-selling claims through the Courts and the Financial Ombudsman which clients can now take advantage of through Money and Me Solicitors.
Andy is a qualified Independent Financial Advisor with over 10 years experience in managing mis-sold financial product claims ‘from craddle to grave’
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“By joining forces with a Solicitor we can give clients broader options to pursue their right to compensation and damages. Litigation is one option which is now available to our clients” – David Miller.
“I recognised the particular complexity of Pension Mis-selling claims from a Financial Conduct Authority rules perspective and when approached to consider joining forces with David, the opportunity to do so and form an ABS with someone with his track record in the claims management arena and his knowledge of financial services, was too good an opportunity to miss” – Damian Allison.