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Independent Financial Adviser (IFA) expenses 2

United Kingdom
25/08/2004
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Reference: N00099

The member had used an IFA to establish his claim that he should have been offered a greater tax-free cash sum. He applied to take his benefit. The Ombudsman found that the costs of paying for the IFA were incurred as a necessary part of the member’s application and so directed that the respondent should reimburse him these costs.

This determination indicates that in certain circumstances the Ombudsman is willing to award costs orders in relation to advisory fees run up by the member. Employers and trustees should therefore factor this in to consideration of possible settlements with members where it is known that an IFA (or, indeed, any other adviser) is helping the member.

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