A question about : Showing True Potential ... to break the rules?
I saw that True Potential won the Professional Adviser Best D2C Platform award so I took a look and found:
A no-fee personal pension and Our no-fee personal pension saves you costs... in prominent rotation on their home page.
No fee looked interesting, so I followed that link:
No-fee personal pension from True Potential in bold green text near the top of the page.
True Potential Wealth Platform fee - 0.4% per annum in mixed normal and bold text way down towards the bottom of the page, three page scrolls down even at my high screen resolution.
So now I have an interesting little puzzle. A highly prominent promotion direct to consumers on their home page that asserts a no fee claim and reinforces that on the following page but which actually in the fees section says it has a 0.4% fee. So, what do you think I should do about this:
1. report them to the FCA's misleading financial promotions team
2. report them to the awards committee so they can consider withdrawing their award
3. contact them directly and privately about it on Monday when they open (hmm, consumers rather like to do things at weekends...)
4. Something else
What do you think?
Best answers:
- Well, it clearly isnt "no-fee". FCA are slow. ASA are probably more appropriate.
Quote: - I expect that their argument would be that the pension is available at no additional cost over the 0.40% platform fee. I've no idea how the FCA would view that, but it might be worth reporting it and letting them decide what to do with the information.
- Hmmmm. My initial reaction was ASA. I then followed the link and saw that it quite quickly said "there's no annual fee for holding our pension - you only pay our low platform and management fees" and thought 'well actually that seems pretty reasonable'.
Then I got to "If your ready" and thought 'No, hang the b#st#rds' - The one course of action the authorities must take is.....
https://www.youtube.com/watch?v=zhstRrZzaso
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