The Financial Services Authority (FSA) are introducing new regulations from 31st December 2012.  As a result Springfield Financial Services Ltd has had to make several changes to the business.

Firstly, despite being highly qualified and having two advisers with Chartered Financial Planner status, all advisers have been required to complete a comprehensive professional development programme to ensure our technical knowledge is completely up to date and to the required level.  We are pleased to confirm that all three advisers have completed this requirement well in advance of the December deadline.

Secondly, the FSA has introduced Adviser Charging.  The main aim of the changes to charging is to ensure that all clients understand how much they are paying, and to whom.  The FSA has effectively removed the ability to be paid commission on certain retail investment products.  In its place a charge will be levied.

The new legislation applies to all new retail investment business from 1st January 2013, but will only apply to existing products in certain circumstances.

Springfield Financial Services Ltd has reviewed a cross section of clients, and there are some clients who will not be affected at all.  However, the changes will affect many clients, and having now assessed the information from the product providers we can confirm that many of those affected will actually benefit from reduced overall charges.

Should you have any concerns or questions regarding the changes then please do not hesitate to contact us.  However, your adviser will contact you at your review and will notify you of any changes to the charging structure of your product(s) and the impact of these (if applicable).

If you would like more information, the FSA has produced a guide to explain the key changes, available at: www.fsa.gov.uk/static/pubs/consumer_info/rdr-consumer-guide-booklet.pdf