At the start of 2013, the Financial Services Authority (FSA) introduced significant changes to the way in which investors can pay financial advisers for pension and investment advice. At the centre of these changes was the banning of commission payments, which in the past had often been hidden within other charges applied to investment products.

Instead, now advisers must agree all fees with their clients upfront, and they must be either paid directly to the adviser or clearly deducted from the sum they are investing. This change is designed to make it much easier for clients to see exactly how much they are paying to both the adviser and the product provider, and to make it less likely that advisers will recommend a particular product or fund because it pays them more commission.

While you might think this would be likely to result in lower charges for investors, based upon our research this may not always be the case. Some major banks have decided to stop providing pension and investment advice altogether, as they no longer see it as profitable, but those banks and building societies that are continuing to offer advice have announced their revised charging structures in recent weeks.

For the majority of them, these include upfront fees of between 2 and 3 per cent of the amount invested, sometimes more for smaller investments, as well as ongoing advice fees. In addition, most bank advisers offer ‘restricted’ advice, meaning they can only provide access to a limited range of funds and investment products, and their advisers are still often rewarded based upon the number of products they sell. As a result, what is being offered is still a long way from impartial advice.

Why We’re Different

  • At Provisio, we have already been providing wholly independent, fee-based advice for 5 years, and we are committed to continuing to do so.
  • We believe that all fees and charges should be disclosed to our clients in as transparent a manner as possible.
  • All of our highly qualified advisers are paid a salary, which is not based upon the number of products they sell, so if we do not think you need a new product, we will tell you.
  • Our innovative wealth management service allows us to provide our clients with an extremely comprehensive service, for very competitive fees.

For further information, please contact us on 01462 687337 or email us at