01What an ongoing fee should buy

A firm can charge an ongoing fee only for an ongoing service it has disclosed to you, and you must be able to cancel it (COBS 6.1A.22R). What the service includes is set by the firm and written in your client agreement. It usually includes:

  • a periodic review of whether your plan and investments still suit you;
  • a written record of that review;
  • contact with the adviser between reviews;
  • an annual costs and charges statement showing what you paid.

Get your client agreement out and check what was promised. That document, not a general expectation, is what the service is measured against.

02What the FCA found

The FCA asked 22 of the largest advice firms for seven years of data on ongoing services. Reviews were delivered in around 83% of cases. In a further 15% the client declined or did not respond to an offer of a review, and in fewer than 2% the firm had not attempted one. The FCA concluded there was no systemic failure, but individual clients were affected, and some firms have since set aside money to refund clients.

The FCA has also consulted (CP26/10, March 2026) on replacing the annual review requirement with a duty to show the service is "commensurate with the fee charged". A policy statement is expected in the fourth quarter of 2026. Until it takes effect, the current rules apply.

03What to do, step by step

  1. Ask for the record. Write to the firm asking for the dates of every review and the written output of each, for as long as you have paid.
  2. Decide whether to keep the service. You can cancel without giving a reason and without penalty. Tell the firm in writing.
  3. Stop the payments. If the fee is taken from your pension or investments, also tell the platform or provider to stop paying it, and check the next statement.
  4. Ask for a refund. For any year you paid and received no service, ask the firm to refund the fee. Say which years and why.
  5. Complain if needed. If the firm refuses, or does not reply within eight weeks, you can take the complaint to the Financial Ombudsman Service, which is free.

Our guide on how to complain about a financial adviser covers the process and time limits in full.

04If you declined the review

If the firm offered reviews and you did not take them up, it has generally provided what it promised, and a refund is less likely. If you no longer want the service, cancelling is the straightforward fix.

05Common questions

Can an adviser charge an ongoing fee without an annual review?
Under the current rules, a firm may charge an ongoing fee only while it provides the ongoing service it disclosed, which normally includes at least an annual review. The FCA has consulted on changing the review requirement (CP26/10, March 2026), but no change has taken effect.
Is there a charge to cancel an ongoing advice service?
No. The rules require a right to cancel that is reasonable, without penalty and without having to give a reason (COBS 6.1A.22R). You may still owe for service already provided.
How far back can I claim?
The Financial Ombudsman Service usually considers complaints within six years of the event, or three years from when you knew or should have known about the problem. Complain to the firm first.

Sources and further reading

  1. FCA — ongoing financial advice services: multi-firm review (24 February 2025)
  2. FCA Handbook — COBS 6.1A, adviser charging and remuneration
  3. Financial Ombudsman Service — how to complain

About this guide: figures are labelled with their source and date and describe the market, not any firm; illustrations are arithmetic, not forecasts or quotes. This is general education, not regulated advice or a personal recommendation, and FinancialAdvisor.co.uk is not authorised or regulated by the Financial Conduct Authority. Spotted an error? Report it and we will correct it.