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Regulation on information on ARF fees?

  • 05-07-2023 4:31am
    #1
    MrsQ
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hello, we have an ARF with a broker and while everything is running smoothly we are having difficulty in finding out what exactly charges we are paying, any information I get from them is opaque or confusing and I wonder if this is deliberate. Could anyone direct me to where I can find out the regulations on what information they are obliged to provide me with so that I can write to them again and back up my query with some regulatory jargon so that they take my query seriously and give me some clarity. I have looked at the The Financial Services and Pensions Ombudsman’s and the Pensions Authority’s websites without success.




Comments

  • #2
    micar
    Registered Users, Registered Users 2 Posts: 1,915 ✭✭✭micar


    Fees are ARFs are very easy to explain.

    Go to the provider who has the ARF and ask them for a breakdown in charges.

    What information have you got that you think is "opaque and confusing"



  • #3
    [Deleted User]
    Posts: 281 ✭✭ [Deleted User]


    You should have received this information already.

    Did you get an original policy document/certificate and Disclosure Schedule?

    Who's the product provider (Irish Life, Aviva, Standard Life etc.)? When did you set it up? Do you have on-line access to the account?



  • #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,606 Mod ✭✭✭✭Jim2007


    It is very unlikely that they are failing to provide the information that they are required to provide. Can you tells what exactly you are having difficulty understanding?



  • #5
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,858 Mod ✭✭✭✭Henry Ford III


    Disclosure is a mandatory requirement. Your query makes no sense.



  • #6
    [Deleted User]
    Posts: 281 ✭✭ [Deleted User]


    The Central Bank are doing thematic inspections of regulated entities at the moment around the areas of fact-finding, disclosures, 'reasony why' letters etc.

    If their focus is on that, then disclosure may be mandatory but the intermediary interpretation of it may be 'loose'.

    It's a perfectly reasonable query from OP and if the broker was doing their job correctly then they should disclosure the charges on request or point the client in the direction of where the fees/charges were disclosed at the point of sale.



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