Multi Content
Adviser Charging
Advisers will be expected to decide their own charging structures, with providers having no involvement. This is intended to lead to:
- Clarity over charges for adviser services
- Clarity over product price
- An end to commission structures
- Charging clients an agreed amount for advice, taken as a fee upfront or deducted from the policyProfessional Standards
A new minimum level of qualification for independent and restricted advisers. Professional standards relating to basic advice remain unchanged.
- Qualification Credit Framework Level 4 or equivalent (judged to be the vocational equivalent to the first year of a bachelor's degree, equates to Level 8 under Scottish Credit and Qualifications Framework)
- Continuing Professional Development (CPD) for maintaining competence (35 hours a year, including 21 hours structured learning)
- applies to new and existing advisers; no grandfathering
