View more on these topics

Personal Touch introduces new notice period options

Personal Touch Financial Services is offering members the option of a longer notification period concerning future fee changes if advisers commit to longer notice periods when leaving the network.

The notice period is currently one month and PTFS must give the same notice for fee changes. If a firm would like three months’ notice of fee changes, PTFS will require it to give three months’ notice to leave the network. It will also introduce a six-month notice option.

New contracts are being sent to advisers. IFAs must return them by 21 January and mortgage firms by the end of Q1.

PTFS marketing director David Carrington says: “We want to give our members as much time as they need to factor changes into their business planning.”

In September, Money Marketing revealed PTFS hiked its fees following an overhaul of its charging structure, moving from a flat monthly firm fee to a monthly firm fee plus a fee for each registered individual.

Which Network director Gary Watts says: “I think most brokers will stay on one month’s notice, especially after the controversial changes to the fee structure. If they lock in for six months, the network ends up holding all of the cards if they need to leave.”

Recommended

2

Govt vetoes calls for ‘micro’ pension short service refunds

The Government has decided not to allow short service refunds to continue for “micro” pension pots, despite industry concern about the costs associated with administering small funds. Under existing rules, trust-based pension schemes are allowed to refund a member’s contributions if they stay with the employer for less than two years. If this happens, the […]

Ladbrokes chooses L&G master-trust for auto-enrolment

Ladbrokes has chosen Legal & General to provide a master-trust defined-contribution pension scheme for its 14,000 staff. The new scheme will be available to all of the bookmaker’s eligible staff from its 1 March 2013 automatic enrolment staging date. Independent trustee firm Pitmans Trustees has been appointed to the scheme’s trustee board. L&G workplace savings […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Makes you wonder if they are preparing for a significant reduction in numbers and business levels or even meltdown doesn’t it?

  2. Having just increased our monthly fees by 458% on top of the recently introduced £125 fee and end of free trigold plus the reduction in procuration fees, I wouldn’t trust Personal Touch as far as I could throw them and at my age that’s not far!!

  3. Ned, the number of investment advisers has dropped from 264 to under 100 since they announced the new fees.

    The number of mortgage advisers has dropped by more than 300.

    The reduction has already happened (started????).

  4. @ Zod | 20 Dec 2012 3:01 pm

    99 now – I left last week

    November fees were £1176 for a sole trader

    12months they will be gone – get out now

  5. @peter 20 Dec 12:49pm

    “on top of the recently introduced £125 fee and end of free trigold” – the £125 fee was introduced in April 2010 and the free trigold has been gone a long time – where have you been????

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com