Advisers have shunned the Financial Advice Market Review's (FAMR) call for greater awareness around the flexibility of adviser charging, calling the recommendation ‘pointless' and commercially unsound.
FAMR's recommendation 15 - one of 28 calls to action - said the regulator should "take steps to help ensure that firms and advisers are aware of the existing flexibility in the rules on adviser charging". The report refers to the freedom advisers have to charge for advice on single premium products in instalments, provided it is in relation to an ongoing service provided by the firm or the advice relates to a regular premium. Although advisers would ordinarily need a consumer credit licence to be able to charge clients this way, the rules allow for a 12-month exemption period which fa...
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