FSA probes firm over 'time is against us' commission letter

The letter, sent to members of a group scheme by Rowanbank Financial Consultants, stated commission paid by the new provider would cover its costs, whereas, from next year, fees must be paid by clients directly, possibly leading to "an immediate reduction of your pension fund". "Time is against us," the letter, seen by IFAonline, reads. "We only have until the end of this year to complete the transfer as the costs of doing so will rise considerably after December 2012". The advisory group had suggested the members may want to switch provider because a change in legislation meant their...