PosSol partners hit by charges increase

Scott Sinclair
clock

Positive Solutions is upping the charges it levies partners, citing "substantial" increases in professional indemnity insurance costs and FSCS bills.

The biggest increase will hit those bringing in less than £50,000. From 1 July, the Aegon-owned national IFA will retain 35% of that income, up from 30% year ago. Partners earning between £50,000 and £70,000 will be charged 27%, up 2% from last year, while those earning between £70,000 and £90,000 will also see a 2% increase, to 22%. Higher earners will also be affected. Previously, partners earning above £155,000 were not charged at all by Positive Solutions, but now earnings between £90,000 and £175,000 will be charged at 6%, while earnings above £175,000 will be charged at 1%. T...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Consumer Duty Alliance looks to attract advice industry talent

Consumer Duty Alliance looks to attract advice industry talent

New Talent Alliance will be chaired by M&G Wealth Advice MD Tom Hegarty

Isabel Baxter
clock 27 March 2024 • 2 min read
PA Working Lunches: Register today to hear from SimplyBiz

PA Working Lunches: Register today to hear from SimplyBiz

Join us for an informative session worth one hour of CPD

Professional Adviser
clock 27 March 2024 • 1 min read
FCA warns firms and finfluencers to 'keep social media ads lawful'

FCA warns firms and finfluencers to 'keep social media ads lawful'

Regulator sets guidance for financial services promotion

Isabel Baxter
clock 26 March 2024 • 3 min read