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Quilter network defers fees amid Covid-19 lockdown

Quilter network defers fees amid Covid-19 lockdown

Quilter is offering to defer its network fees for member firms in light of the coronavirus pandemic and national lockdown.   

Advisers in the network are being offered a three-month deferral on fees, with Quilter set to agree payment strategies with individual member firms. 

A Quilter spokesperson told FTAdviser the business would not seek to recover the fees until "some sense of normality" had returned to the industry.

Stephen Gazard, group managing director at Quilter Financial Planning, said the business understood firms would need help through the difficult period. 

Mr Gazard said: "As such we are committed to supporting our advisers and are working with firms on a case by case basis to navigate their particular challenge and offer them any further support if necessary.

"This support is possible thanks to the backing of the network’s FTSE 250 parent company, Quilter."

This week an FTAdviser survey of 296 advisers revealed 50 per cent had seen their workload fall as a result of the pandemic, with 24 per cent reporting it was much lower than usual. 

Last month the Personal Finance Society sought to ease financial burdens faced by advisers in the current lockdown, calling for a four-month grace period for those whose professional indemnity insurance is due for renewal.

The professional body warned advisers needed assistance at a time when "demand for their help has never been greater, yet pressure on their own resources are stretched".

rachel.mortimer@ft.com

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