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Bankhall axes commission staff

Bankhall is cutting up to 35 staff from its commission department as its members increasingly move to a fixed-fee model.

The firm says member demand for its fixed-fee model has driven the decision. Advisers pay monthly for support services on fees rather than by giving up 3 per cent of their commission.

Bankhall says the cuts will apply primarily across its commission department and numbers have not been finalised but will be between eight and 35 staff, depending on how many members move to fixed fees. The firm says most of its members have been paying fees for some time and, in light of the treating customers fairly regime, advisers want more compliance support and a fixed fee is seen as the fairest way of offering value for money.

Bankhall marketing director Richard Howells says: “This move is in response to members’ calls to pay via fees. This is a transitional process throughout the rest of the year and until we know how many staff will be affected, we cannot give an accurate number.”

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