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Advisers blame compliance for pension charges

Patrick Connolly, head of communications at Chase de Vere, said his company doesn’t advice clients with less than £50,000.

But he suggested smaller firms may be able to charge less because they “are more geared up to work with lower value clients, perhaps by providing some or all of their advice by phone or email where their costs will be lower”.

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Brewin Dolphin, St James’s Place and Succession have all been asked to comment while Brooks Macdonald has declined to do so.