L&G fixes network fees
It comes after several networks including PTFS announced fee charge increases for their appointed representatives over the past few weeks.
LGN takes its appointed representative fees from one source, a small percentage of the procuration fee.
There are no firm fees, no adviser fees and no overall percentage of turnover fee. Just one simple charge and the amount charged taken from the procuration fee has remained unchanged since M-Day in 2004.
Duncan Crocker, managing director of the network, said: “We believe it is important to our partner firms to be able to plan with confidence, particularly in these times of economic turbulence and regulatory shifts, especially with RDR looming and the MMR just behind it.
“So we are happy to announce that the fees we charge our appointed representatives for their mortgage and protection business will not change, at least until the start of 2014 unless there are any new regulator costs imposed that we are not expecting.”
LGN’s fees structure for wealth management business, taking into account the changes that will be required for RDR will be announced later this year.