The way we'll provide financial planning advice is changing…
When you currently take financial planning advice from our subsidiary, Newcastle Financial Services Limited – on such subjects as investments, pensions, stocks and shares ISAs, for example - we are paid a commission by the providers of the product you invest in and this commission is taken from the management fees and charges the product provider charges you.
With effect from 1 January 2013, product providers will no longer be able to pay financial advisers commission and all advice will need to be paid for by the person receiving the advice – a little like the way you pay a solicitor.
In most cases, you should be no worse off - what you pay will just be paid in a different way.
As part of this change, you’ll get several benefits:
- More qualified advisers - all advisers will have to obtain new qualifications
- Greater transparency about the service we offer and the charges for providing it
- A better ongoing service - making sure that your money is working as hard as it can be, we'll be offering annual reviews and a range of other benefits.
The Financial Services Authority have written a guide to the forthcoming changes and you can download a copy by clicking here
Newcastle Financial Services Limited offers a 'restricted advice' service which means that they can only discuss and offer products and services from a limited number of companies available through Openwork Limited.