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LV= sets out RDR adviser charging plans

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LV= has revealed its adviser charging structure and has confirmed it will allow advisers to take commission on products where original quotes are dated before 31 December 2012.

Commission on Sipp, annuity and flexible guarantee bond quotes can be requested up until 30 December 2012 on pre-RDR commission terms even if a re-quote is requested or the application is received by LV= after this date, providing no further related advice is given.

Flexible bond applications must be completed before 9 February 2013 and Sipp and annuity applications must be completed before 6 April for commission to apply.

LV= head of retirement proposition Phil Brown says: “The implementation of the RDR means many advisers are having to remodel their businesses. We hope that by announcing our RDR proposition well ahead of the December deadline, we are providing advisers with much needed clarity and certainty as to how we will facilitate adviser charging.”

Product
Initial charge
Regular premium initial charge
Ongoing charges
Ad hoc charges
Enhanced annuity
N/A
N/A
N/A
Fixed Term Annuity
N/A
N/A
N/A
Investment linked annuity
N/A
N/A
N/A
SIPP
Quarterly only
Flexible Guarantee Bond Series 2
N/A
Monthly, quarterly, yearly, half-yearly

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. More details pls Phil. e.g. SIPPs £ or % based ongoing, or both? Amount &/or time limited e.g. x% for first 18 months? Any reasonableness limits? If adviser already has client agreement with charges, what do they need from you to set up ACF post 1/1/13?

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