Advisers warn against 'anti-TCF' Letters of Authority

They say processing inconsistencies and the varying lengths of time providers take to respond makes requesting client data both time consuming and costly. While a number of commission-based advisers currently “take the hit”, they say after 2012 they may be forced to factor in the costs to their adviser charge, unless the FSA intervenes. Scott Gallacher, of Leicester-based IFA Rowley Turton, says FSA inaction could prove costly to clients. “If you assume 30,000 IFAs take on 30 new clients a year, and the extra admin time equals, say, one hour at £150, the total cost to clients is £135m...