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AJ Bell - FOS complaint

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Alaric
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Re: AJ Bell - FOS complaint

#173056

Postby Alaric » October 11th, 2018, 3:49 pm

simoan wrote: - AJ Bell have decided to settle the complaint


Clearing the decks for their IPO perhaps?

Would they have to declare a long tail of FOS cases as a risk factor?

simoan
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Re: AJ Bell - FOS complaint

#173057

Postby simoan » October 11th, 2018, 3:52 pm

Alaric wrote:
simoan wrote: - AJ Bell have decided to settle the complaint


Clearing the decks for their IPO perhaps?

Would they have to declare a long tail of FOS cases as a risk factor?

Yes, the timing is very likely connected to IPO, although it's only an "offer" and you have 30 days to accept it. No-one is compelled to accept but I don't rate your chances of getting anything else. It's what you'd call "a result".

All the best, Si

TedSwippet
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Re: AJ Bell - FOS complaint

#173283

Postby TedSwippet » October 12th, 2018, 1:51 pm

simoan wrote:I bring good news!! I have just received an email from FOS - AJ Bell have decided to settle the complaint so any transfer and/or dealing charges incurred will be re-imbursed complete with interest at 8% from the date your transfer took place until AJ Bell make payment.

Well done for getting this outcome. I will admit though, that I had hoped for a clear and unambiguous FOS decision that would clear this up for everyone once and for all.

The FOS closed my own case against AJ Bell a couple of years ago, filed as a result of the first time they pulled this price-hike stunt in 2013, and on that occasion found for AJ Bell. A more ... er ... robust FOS response, this time against AJ Bell, would have been preferable (not least because that might have opened up the possibility of re-activating my own case!).

Oh well. Glad you got redress, anyway.

jaizan
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Re: AJ Bell - FOS complaint

#176067

Postby jaizan » October 24th, 2018, 10:15 pm

Snowman wrote:t is pretty clear that the default position should be that an increase in platform prices should be combined with the right of a customer to leave without charge. The only exceptions should be things such as a general VAT rate increase. That is how it works in pretty much every other industry. Consider energy suppliers for example, the right to transfer away without penalty on an increase in charges is taken for granted.


Absolutely.
If there is any increase in charges above the RPI & not directly as a result of legislation, the customer should be entitled to move without exit charges.

About time the FCA stepped up to the plate.


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