We offer a wide variety of ways to facilitate fees. You can now:
Please note: Adviser fees are available for all businesses held on Charge Bases 2 and 3. For details of commission payable under Charge Basis 1, read our remuneration guide.
You can now confirm online that your clients have agreed to your fees, without having to send us a signed Quilter Adviser Fee form. You will need to keep the completed form on your records. To fulfil our FCA obligation to obtain and validate clients' instructions, we will request samples of these forms from you from time to time.
The CRA gives you additional flexibility to manage crystallised and uncrystallised assets in separate sub accounts.
If you request a servicing fee and your client holds both crystallised and uncrystallised assets, we will fund the fee from the largest crystallised sub account. If your client does not hold crystallised assets, the fee will be funded from their uncrystallised account.
There are three ‘Personal recommendation’ questions within the new business process which you will see when inputting a transfer. The last of these questions is to identify whether contingent charging was used for this transfer advice.
If there are no safeguarded benefits being transferred or the only safeguarded benefits are guaranteed annuity rates you should always answer ‘No’ to the contingent charging question. In line with FCA rules introduced on 1 October 2020, in nearly all cases we will not accept the transfer of safeguarded benefits being transferred where contingent charging applies. The exemptions are where the transfer is from a pensions product offering guaranteed annuity rates or whether either serious ill health or serious financial hardship applies.
Safeguarded benefits involve some form of guarantee or promise about the pension income someone will receive. Examples of safeguarded benefits include defined benefit (sometimes called final salary) pensions, deferred annuities, guaranteed annuity rates and guaranteed minimum pensions.
If you need to add VAT to your fee, you will need to specify the servicing fee percentage inclusive of VAT. If you used the option on our previous platform to add VAT to your servicing fee, then at migration the fee amount was ‘grossed up’ to ensure you continued receiving the same level of fee.
Please note that if VAT changes in the future we will not make any adjustments to fees that were previously agreed, inclusive of VAT. If you wish to adjust your fee to include changes to VAT, you will have to get your client to sign a new Quilter fee form before making any adjustment to the fee online.
Since the Retail Distribution Review we have continued to facilitate initial commission on non-advised top-ups to Collective Retirement Accounts and Collective Investment Bonds on Charge Basis 1. You will now no longer be able to receive this commission. If you have existing trail commission arrangements, these will continue and will be unaffected.
When adviser fees are due to be paid to you, you will receive two statements:
