TCF warning for firms where IFAs charge different fees

The regulator warns firms that “inadvertently” assign clients to the highest-charging IFA may be infringing TCF by billing clients for advice they didn’t need. It adds firms that allow their advisers to charge different fees must have a "justifiable" reason for doing so, such as if there are varying degrees of experience among their intermediaries. The FSA says adviser firms must have a system in place to ensure consumers are charged the appropriate fee for the advice they receive. The issue was raised during an FSA seminar for small firms last week in Birmingham. The regulator highlight...