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Berkeley blames regulation for increase in network fees

IFA network Berkeley Independent Advisers is increasing fees and charging extra for some compliance services, with one month&#39s notice of the changes.

The network&#39s 250 member firms have had a letter explaining its revised charging structure from January 1, including a minimum monthly fee being levied for the first time of £562.50 for firms with an annual turnover of less than £45,000.

BIA is also increasing its annual fee as percentage of each firm&#39s income by 1 per cent and is including renewal commission as well as initial commission and fees when calculating income.

It is introducing a levy for checking the compliance of advertising and will charge £25 for each time it has to chase a member who has not responded to a memo within six weeks of its issue. The BIA letter says that as pension transfer work can be “extremely complicated and “time-consuming”, it will reduce the share of commission given to firms with pension transfer cases by 5.5 per cent.

A BIA member says: “I am now considering leaving the network. It is not just the increase in fees but all the additional costs for the likes of getting promotions compliance checked.”

BIA&#39s letter says the inc-rease is to help it meet inc-reasing regulation and members&#39 demands. The network was unavailable for comment.


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