Pitfalls in advertising fees
Advisers in the UK have come under fire from a consumer group for their reluctance to disclose their fees over the phone or on their websites.
The group, named Which?, mystery shopped 30 financial advisers, asking how much it would cost for advice on investing a £60,000 ($120,300) inheritance.
It found only 14 of the 30 were prepared to divulge their fees over the phone.
The survey came a year after the implementation of the Retail Distribution Review, a major regulatory change that banned advisers being paid commissions by investment product providers.
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