Personal Touch to subsidise regulatory fees
Personal Touch network has said it will subsidise member firms' regulatory fees
Personal Touch Financial Services member firms will see regulatory fees rise by roughly 5% in 2014 after a network subsidy.
The network will subsidise 12% of the total regulatory bill, as well as absorbing the increase for the second half of 2013 in a bid to keep costs down. In total, the cost per adviser for Personal Touch is around 17% more than last year.
Personal Touch marketing director David Carrington said: "We have seen significant increases in our regulatory costs, which together with our PI premiums brings our total regulatory charges to over £1.6m. Obviously we treat these costs as disbursements to members and need to pass them on.
"But given our commitment to support members and equally reward them for their particularly hard work and loyalty in the past year, the board has taken the decision to subsidise some of the fee increase for 2014."
The network will use additional revenue from stronger mortgage volumes and efficiency savings to fund the subsidy, he added
Personal Touch has renewed its professional indemnity insurance on the same terms as the previous year.
It has pledged to freeze network member fees and also waive fees for new advisers recruited into member firms.
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