Introduction
If you’ve ever received financial advice, for your pension, ISA, or investments, there’s a good chance you’re still paying for it. These charges, known as ongoing advice fees, are supposed to reflect continuous support. But in many cases, clients are being charged for advice they never receive.
In this article, we explain what ongoing advice fees are, why they’ve become so controversial, and what you can do if you think you’ve been overcharged.
What Are Ongoing Advice Fees?
Ongoing advice fees are regular deductions, often taken directly from your investment, for financial advice services that are meant to continue after the initial recommendation.
They typically cover:
- Annual or bi-annual reviews
- Portfolio rebalancing
- Updates based on changes to your personal circumstances or market conditions
These fees are usually around 0.5% to 1% of your total investment value each year.
Why Are They Controversial?
The FCA (Financial Conduct Authority) has highlighted widespread failure by advisers to deliver the services these fees are meant to pay for. Clients often:
- Receive no annual review
- Aren’t contacted unless they reach out first
- Have no idea they’re still being charged
This lack of service can turn ongoing fees into a form of mis-selling — especially when clients aren’t receiving ongoing value.
How Do You Know If You’re Paying These Fees?
Look at your annual investment statements or request a fee breakdown from your provider. Ongoing fees may appear under terms like:
- Service fee
- Advice charge
- Ongoing management fee
What Can You Do If You Think You’re Affected?
If you’ve been paying for advice you didn’t receive, you may be entitled to claim back thousands of pounds, sometimes more. The process is straightforward, and in many cases, you can claim even if the adviser is no longer in business.
Start by checking your latest statement.
If you’re unsure, Pacific Legal can help assess your situation.
[Start Your Claim ➜]
FAQ
Do all advisers charge ongoing fees?
No. Some advisers charge flat fees or hourly rates instead. Always check your agreement.
Can I claim if I agreed to the fees at the time?
Yes, especially if the promised service wasn’t delivered or explained clearly.
Nicholas Marrable is Client Engagement & Marketing Director at Pacific Legal. He specialises in making complex financial and legal issues clear and accessible for clients, with a particular focus on ongoing advice fee claims. Nicholas works closely with Levy & McRae Solicitors LLP, a Legal 500 recognised and Times Best Law Firm 2025, to ensure clients receive both accessible support and first-class legal expertise