The regulator’s rules require retail investment advisers to charge for their services rather than receive commission based on product recommendations.

Ongoing charges can only be made in respect of ongoing services or in respect of initial charges that relate to a product into which a client is making regular payments.

Charging structures need to be communicated to clients up front and in writing and total charges must be disclosed and agreed as soon as they are known and it is practicable - and then presented at least illustratively in pounds and pence.

This guide will explain what the FCA’s requirements are for adviser charging, the pros and cons of the various approaches to getting paid for the services you offer, and how to make sure your prices are fair.

Supporting material was produced by: Linda Smith, senior technical adviser of the Association of Professional Financial Advisers (Apfa); Keith Richards, chief executive of the Personal Finance Society; Gill Davidson, group regulatory director of Tenet; Aileen Lynch, head of technical at Compliance First, an arm of SimplyBiz Group.