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From 31st December 2012 the Financial Conduct Authority has instigated new rules and charging structures for all financial advisers.

  • Financial advisers can no longer charge commission for investment/pensions plans they recommend. Instead, everyone must operate on a fee charging basis only.

  • Financial advisers have to obtain a higher level of qualifications, which will allow them to gain an annual SPS or Statement of Professional Standing Certificate.  As part of the SPS requirements, advisers need to confirm that they are keeping up high professional standards.

  • Every financial adviser must also spend at least 35 hours a year on continuing professional development.

  • These changes should result in higher professional standards and more transparent charging structures.

At FMNI we have operated on a professional fee paying basis since 2005 and not on commission. We possess technical qualifications significantly in excess even of the new rules and we complete significant professional development, beyond 35 hours per annum.

Each consultation is tailored to the client’s needs, financial objectives and the complexity of the solution required.  On that basis costs are advised to each client in advance and agreed before work commences.


Sample Costing Structure

£250,000 Investment for Inheritance Tax alleviation

Initial Consultation                          

Client Requirement Brief (1-2 hours)

Researching and Preparing Plan
including provision of external independent
   asset allocation and fund
research capability)

Recommendation and Implementation
   Meeting 1-2 hours 

File input to client management system
   & secure online retention for future


Individual to each client. Depending on complexity of requirements

  TOTAL COST : £4,576.25 (here, equating to 1.83% of the initial investment)

Hourly rate work is carried out at the following rates.  A fixed or approximate quote (depending on the complexity of work being undertaken) can be provided to any potential client, to reassure regarding final advice costs.

.... Chartered Financial Planner   
.....£195/hour (£215/hour for Pension Transfer work)
     Paraplanner      £125/hour