Adviser network Personal Touch Financial Services has written to members informing them of a planned fee increase after suffering what it called "indiscriminate" increases to its regulatory costs.
The network will increase advisers fees from October, having received an invoice from the regulator - covering mainly Financial Conduct Authority (FCA) and Financial Services Compensation Scheme (FSCS) levies - in July. It also blamed a rise in its professional indemnity insurance (PII) premium for having to charge advisers more in the coming year. To cover the increased regulatory cost Personal Touch will charge firms £114 extra for each investment and pensions adviser they employ and an extra £36 for those also, or exclusively, advising on mortgages. PII cover will incur an addit...
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