Rowanmoor Pensions has introduced an adviser fee agreement to streamline the payment process for its small self-administered scheme (SSAS) and Family Pension Trust.
The agreement, which applies to all SSAS schemes set up from 1 February 2008 and all Family Pension Trust schemes, allows advisers to agree a remuneration basis with their clients at the outset.
Advisers can then collect fees on an ongoing basis without the need to obtain the client’s authority each time. Rowanmoor, which previously paid fees on an ad-hoc basis, will pay the fees on the scheme trustees’ behalf once the customer and adviser have signed the agreement and it has received an invoice from the adviser.
Rowanmoor says the new system shortens the process for settling adviser fees and allows remuneration flexibility and transparency between the primary scheme adviser and member trustees.
David Seaton, director of consultancy at Rowanmoor Pensions, says: “We recognise the importance of the FSA’s guidelines on customer agreed remuneration and have listened carefully to the IFA community on ways in which we can enhance our procedures to help support their client relationships and improve systems between advisers and member trustees.”
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