********* FEES

I recently invested some retirement money with Old Mutual. I only had two sessions with a financial adviser.

I fortunately recently examined my contract to see that every month a significant fee is being deducted from my investment for "ongoing financial planning". Apparently this fee is deducted every month whether you receive the planning or not.

The legal advice I have received states that this type of fee is *******. The Consumer Protection Act states that fees can only be charged for actual services rendered. "Ongoing financial planning" is far too vague a term.

I write for two reasons: 1. To urge Old Mutual to ensure its fees are charged by financial advisers strictly according to the Consumer Protection Act. 2. To alert clients of Old Mutual that they may be victims of this ********* practice. I seldom examine my investments closely. If I had not done so on this occasion, the fees would have been deducted for years, whether I saw my financial adviser or not.