Jordan told FT Adviser: “The 'fees for no service' scandal is only just simmering.
“The results of the recent FCA survey [on ongoing advice services] to the top 20 advice firms will send shockwaves throughout the industry.
"RDR was supposed to clean up the mess from commission incentivised advisers but for consumers it’s been a case of 'frying pan into the fire'.
“Let us hope firms now really start to take heed.”
SJP told FT Adviser it would advise customers to come to them directly if they have any issues they would like to raise.
“We always advise clients to speak with us directly if they have an issue they would like to raise, rather than go via a claims management company where clients can expect to pay a commission approaching 50 per cent of any resulting compensation.”
alina.khan@ft.com
