Financial advisers and mortgage brokers: 56 checked facts and figures, with sources

Our date check, using the 6 April 2028 start on the GOV.UK page. Born 5 April 1973 turns 55 on 5 April 2028, the day before the rise, so the age stays 55. Born 6 April 1973 turns 55 on 6 April 2028, so the age is 57 and access moves to 6 April 2030, two years later. Born 31 December 1973 moves from 31 December 2028 to 31 December 2030. A client still paying in £500 a month through the extra two years adds £12,000 (£500 x 24).

Source: GOV.UK, "Increasing Normal Minimum Pension Age" (https://www.gov.uk/government/publications/increasing-normal-minimum-pension-age/increasing-normal-minimum-pension-age). Read 30 October 2026. Page says: the measure raises the minimum pension access age "from age 55 to 57 in April 2028"; "The increase in NMPA will have effect on and after 6 April 2028"; it applies to individual members of registered pension schemes without a protected pension age; members of the firefighters, police and armed forces public service schemes are not affected; an individual may have a right to take benefits before the NMPA, called a protected pension age, where the right existed on 5 April 2006 and was not dependent on other conditions such as employer or trustee consent; the revised legislation protects those who before 4 November 2021 have a right to take their entitlement; benefits paid before the NMPA on ill-health grounds do not trigger the unauthorised payment charge; the NMPA has been 55 since 6 April 2010. Page published 4 November 2021, no later update date shown. Not read, so not used here, the Finance Act 2022 text, HMRC's pensions tax manual, any later HMRC announcement or consultation on people aged 55 or 56 at the change date, and each scheme's own rules. The page gives the start date as "on and after 6 April 2028" in one place and refers to "after 5 April 2028" in another; both give the same cut-off day used below.

Full guide: Normal minimum pension age rises from 55 to 57 on 6 April 2028: which clients it catches, with access dates worked

£9,000 a year is £750 a month, and 18 years of full payments is £162,000 before any growth. Three children at the full limit is £27,000 a year. At an assumed 4% a year, paid in at each year end (our assumption, not a forecast), £250 a month for 18 years comes to £54,000 paid in and about £76,936 at the end, £100 a month to £21,600 and about £30,775, and £750 a month to £162,000 and about £230,809.

Source: GOV.UK, "Junior Individual Savings Accounts (Junior ISA)" (https://www.gov.uk/junior-individual-savings-accounts). Read 29 October 2026. Page says: savings limit for Junior ISAs is £9,000 for 2026 to 2027; parents or guardians with parental responsibility can open and manage an account but the money belongs to the child; the child must be under 18 and living in the UK; "The child can take control of the account when they're 16, but cannot withdraw the money until they turn 18"; cash and stocks and shares types, a child can hold both; you cannot have a Junior ISA as well as a Child Trust Fund. Not read, so not used here, who may pay in, whether the limit is shared across both types, the rules for a child living abroad beyond what the page summary gave, and what happens at 18.

Full guide: Junior ISA limit £9,000 for 2026 to 2027: who can pay in, control at 16, withdrawals at 18, worked for a client meeting

Using the GOV.UK bands, Stamp Duty is £2,500 on £250,000, £4,750 on £295,000, £10,000 on £400,000, £21,250 on £625,000 and £36,250 on £925,000 for a single home. A first-time buyer pays £0 on £300,000, £5,000 on £400,000 and £10,000 on £500,000, but £20,000 on £600,000 because relief is lost above £500,000. A 5% surcharge adds £14,750 to the £295,000 case (£19,500 in all) and £31,250 to the £625,000 case (£52,500 in all).

Source: GOV.UK, "Stamp Duty Land Tax: residential property rates" (https://www.gov.uk/stamp-duty-land-tax/residential-property-rates). Read 28 October 2026. Standard rates: 0% to £125,000, 2% from £125,001 to £250,000, 5% from £250,001 to £925,000, 10% from £925,001 to £1.5 million, 12% above £1.5 million; first-time buyer relief 0% on the first £300,000 and 5% from £300,001 to £500,000, not available if the price is over £500,000; "You usually pay 5% on top of these rates if you own another residential property"; the page's examples are a £295,000 purchase (total £4,750) and a first-time buyer purchase at £500,000 (total £10,000). Not read, so not used here, Scotland's Land and Buildings Transaction Tax, Wales's Land Transaction Tax, the non-UK resident surcharge, leasehold premiums and rent, the rules on replacing a main residence, and the date the bands may next change.

Full guide: Stamp Duty on a mortgage client's purchase: 0% to £125,000, first-time buyer relief to £500,000 and the 5% surcharge, worked

For a client with £10,000 of income taxed at 40% (income £60,270, our assumption of a £50,270 higher rate threshold), a £4,000 payment becomes £5,000 gross with a £1,000 extra claim and a net cost of £3,000 (40% relief); £8,000 becomes £10,000 with a £2,000 claim and net cost £6,000 (40%); £12,000 becomes £15,000 with a £2,000 claim and net cost £10,000 (33.3%, because only £10,000 sits in the 40% band). With no earnings, £2,880 paid becomes £3,600 gross, £720 of relief.

Source: GOV.UK, "Tax relief" in "Tax on your private pension" (https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief). Read 27 October 2026. The page says the provider claims relief at the basic 20% rate and adds it to the pot; England, Wales and Northern Ireland taxpayers claim extra relief through Self Assessment, "20% up to the amount of any income you have paid 40% tax on" and "25% up to the amount of any income you have paid 45% tax on"; relief is available on contributions up to 100% of annual earnings, or £2,880 if there are no earnings. Its worked example (income £60,270 in 2024 to 2025, £12,000 paid in, extra 20% on £10,000, no extra on the remaining £2,000) uses the earlier tax year and does not say whether £12,000 is before or after basic relief, so I did not use it as a check. I did not read the Scottish rates, net pay arrangements, the annual allowance or how the claim works without a tax return.

Full guide: Pension tax relief for a higher rate client: the extra 20% claim on a relief at source pension, worked

Using the GOV.UK rates, £3,000 of dividends costs £268.75 for a basic rate client and £893.75 for a higher rate client; £8,000 costs £806.25 and £2,681.25; £20,000 costs £2,096.25 and £6,971.25. The £500 allowance is worth £53.75, £178.75 or £196.75 by band. At an assumed 4% yield (our assumption), £500 of dividends is about £12,500 of shares and £3,000 about £75,000.

Source: GOV.UK, "Tax on dividends" (https://www.gov.uk/tax-on-dividends). Read 26 October 2026. Rates for 6 April 2026 to 5 April 2027: dividend allowance £500 each year; dividends above it taxed at 10.75% basic rate, 35.75% higher rate, 39.35% additional rate; the page's example of £3,000 dividends and £29,570 wages gives total income £32,570, taxable income £20,000 after the £12,570 Personal Allowance, £500 of dividends untaxed and £2,500 taxed at 10.75%. Not read, so not used here, the band thresholds, how dividends stack on top of other income when a client crosses into the higher rate, dividends inside ISAs or pensions, and Scottish rules.

Full guide: Dividend tax for a client's shares outside an ISA: £500 allowance, then 10.75%, 35.75% or 39.35%, worked

At an assumed 4% interest rate (our assumption, not from GOV.UK), interest reaches the £1,000 basic rate allowance at £25,000 of cash and the £500 higher rate allowance at £12,500. On £3,000 of interest a basic rate client owes £400 and a higher rate client £1,000 (using 40% from our earlier guide). The starting rate left is £5,000 at £12,570 of other income, £3,570 at £14,000, £1,570 at £16,000 and nil at £17,570.

Source: GOV.UK, "Tax on savings interest: How much is tax free" (https://www.gov.uk/apply-tax-free-interest-on-savings/how-much-is-tax-free). Read 24 October 2026. Starting rate for savings of £5,000 where other taxable income is below £17,570; "Every £1 of other income above your Personal Allowance reduces your starting rate for savings by £1"; Personal Savings Allowance £1,000 basic rate, £500 higher rate, £0 additional rate; allowances apply each tax year, 6 April to 5 April; the page's examples were £16,000 wages and £200 interest (starting rate left £1,570) and £1,300 interest for a basic rate taxpayer (£60 tax). The two overview pages (apply-tax-free-interest-on-savings and its personal-savings-allowance page) did not carry these figures. Not read, so not used here, how the allowances interact with dividends, joint accounts, Scottish rates or the additional rate percentage.

Full guide: Savings interest tax for a client's cash: £5,000 starting rate that shrinks £1 for every £1 of other income, then £1,000 or £500 allowance, worked

At the weekly rates GOV.UK showed on 23 October 2026 (£27.05 and £17.90), Child Benefit for two children is £2,337.40 over 52 weeks. The charge is £584.35 at £65,000, £1,168.70 at £70,000, £1,753.05 at £75,000 and £2,337.40 at £80,000. Each extra £1,000 of income in the band adds £116.87 of charge on top of 40% tax: 51.7p of every extra pound for two children, 47.0p for one.

Source: GOV.UK, "High Income Child Benefit Charge" (https://www.gov.uk/child-benefit-tax-charge): threshold over £60,000 for tax years starting from 2024 to 2025; "You'll pay back 1% of your Child Benefit for every £200 you earn over £60,000"; "If you earn over £80,000 you'll pay it all back"; adjusted net income is the measure; the higher earner pays if both partners are over the threshold; PAYE or Self Assessment. GOV.UK, "Child Benefit rates" (https://www.gov.uk/child-benefit-rates): £27.05 a week for the eldest or only child, £17.90 for each additional child; the page did not state the tax year. How adjusted net income is built up, how HMRC rounds the income, Scottish bands, and what happens to a client who opted out of payment were not read. Read 23 October 2026.

Full guide: The High Income Child Benefit Charge: 1% of the benefit for every £200 over £60,000, all of it repaid at £80,000, worked for a client with two children

Tax on income at £100,000 is £27,432; at £110,000 it is £33,432; at £120,000 it is £39,432; at £125,140 it is £42,516. Every step in that range costs 60p in tax per extra pound: £6,000 on £10,000, £12,000 on £20,000, £15,084 on £25,140. Above £125,140 the extra pound is taxed at 45p.

Source: GOV.UK, "Income Tax rates and Personal Allowances" (standard Personal Allowance £12,570; basic rate 20% on £12,571 to £50,270; higher rate 40% on £50,271 to £125,140; additional rate 45% over £125,140) and GOV.UK, "Income over £100,000" (Personal Allowance goes down by £1 for every £2 of adjusted net income above £100,000; zero at £125,140 or above). Scottish bands, the definition of adjusted net income and the pension and Gift Aid rules that reduce it were not read. Read 22 October 2026.

Full guide: The £100,000 Personal Allowance taper: £1 lost for every £2, a 60% effective rate up to £125,140, worked for a client on £110,000

£1,260 at 20% is £252 a year. Backdated to 6 April 2022 the claim covers the tax years 2022 to 2023, 2023 to 2024, 2024 to 2025, 2025 to 2026 and 2026 to 2027: five years. If each year reduced tax by the full £252, the total would be 5 x £252 = £1,260. The earlier years' amounts were not on the page, so that total is an upper-end illustration, not a figure to quote to a client.

Source: GOV.UK, "Marriage Allowance" (transfer £1,260 of Personal Allowance; reduces the partner's tax by up to £252 in the tax year; the lower earner must not pay Income Tax or have income below the Personal Allowance, usually £12,570; the partner must pay basic-rate tax, usually income between £12,571 and £50,270, in Scotland starter, basic or intermediate rate, usually £12,571 to £43,662; claims can be backdated to 6 April 2022; not available together with Married Couple's Allowance). The application steps, the amounts for earlier years and the position after a death were not read in full. Read 21 October 2026.

Full guide: Marriage Allowance: £1,260 transferred, up to £252 a year, and what a backdated claim to April 2022 can add for a client couple

A client on £70,000 with employer 8% (£5,600) and employee 5% gross (£3,500) puts in £9,100 a year, £900 under the £10,000 limit. A £2,000 bonus sacrificed into the pension takes it to £11,100, £1,100 over. A £25,000 single contribution is £15,000 over a £10,000 limit, though £35,000 under the £60,000 standard allowance. The headroom lost is £50,000 a year.

Source: HMRC Pensions Tax Manual, "Money purchase annual allowance" PTM056510 (£10,000 for 2023-24 onwards; alternative annual allowance £30,000 or a lesser amount; no notification deadline stated on the page), PTM056520 "Trigger events" (eight listed) and PTM056530 "Payments that do not trigger the money purchase annual allowance" (seven listed). GOV.UK, "Tax on your private pension contributions: annual allowance" (standard allowance "£60,000 this tax year"; the allowance "might be lower if you flexibly access your pension"). Read 20 October 2026.

Full guide: Money purchase annual allowance: £10,000 once a client has flexibly accessed their pension, against £60,000, worked

The full new State Pension of £241.30 a week over 35 qualifying years is £6.89 a week (£358.50 a year) per year. A year of Class 3 at £18.40 x 52 costs £956.80, which pays back in 2.67 years (about 2 years 8 months) of pension. A client on 29 years is £41.37 a week short of the full rate; a client on 35 years gains nothing from a 36th.

Source: GOV.UK, "New State Pension: what you'll get" (full rate £241.30 a week; 35 qualifying years for the full rate where the record began after April 2016; the page did not state a tax year or a per-year value). GOV.UK, "Voluntary National Insurance: rates" (Class 3 is £18.40 a week for the 2026 to 2027 tax year). GOV.UK, "Voluntary National Insurance contributions" (usually at least 10 qualifying years needed for any State Pension; "Voluntary contributions do not always increase your State Pension", for example if you were contracted out; you cannot pay once the deadline has passed). Read 19 October 2026.

Full guide: Is a missing National Insurance year worth buying? £241.30 over 35 years, against £18.40 a week, worked

Adjusted income of £280,000 gives a reduction of £10,000 and an allowance of £50,000. £300,000 gives £40,000. £275,001 gives a reduction of £7,500.50, rounded down to £7,500, so £52,500. £360,000 or more gives the £10,000 floor. A client with threshold income of £195,000 and adjusted income of £330,000 keeps the full £60,000 because the threshold income test fails.

Source: HMRC Pensions Tax Manual PTM057100, "Annual allowance: tapered annual allowance" (reduced by £1 for every £2 of adjusted income above £260,000 from 2023-24; applies only if threshold income is more than £200,000; cannot fall below £10,000; reduction rounded down to the nearest £1), and GOV.UK "Tax on your private pension contributions: annual allowance" and "Pension schemes rates" (annual allowance £60,000; threshold income limit £200,000; adjusted income limit £260,000; minimum tapered allowance £10,000, for 2026 to 2027). Read 16 October 2026.

Full guide: Tapered annual allowance: £1 off for every £2 of adjusted income over £260,000, with a £10,000 floor

Gift £500,000 less the £325,000 nil-rate band leaves £175,000 chargeable. Death within 3 years: 40%, £70,000. Years 3 to 4: 32%, £56,000. 4 to 5: 24%, £42,000. 5 to 6: 16%, £28,000. 6 to 7: 8%, £14,000. After 7: nil. Taper relief cuts the tax, not the £500,000: the gift still uses the whole of the nil-rate band whatever the year of death.

Source: GOV.UK, "Inheritance Tax: gifts" (no tax if the donor lives 7 years after the gift; gifts in the 3 years before death taxed at 40%; taper rates 32%, 24%, 16%, 8% for 3 to 4, 4 to 5, 5 to 6, 6 to 7 years; taper applies only where gifts in the 7 years total over £325,000; annual exemption £3,000, carry forward one year; £250 small gifts; wedding gifts £5,000, £2,500, £1,000; normal expenditure out of income). Read 14 October 2026.

Full guide: Inheritance tax on lifetime gifts: the seven-year rule and taper relief, worked for a client's £500,000 gift

A single client with a £2,300,000 estate left to children is £300,000 over the taper threshold, which removes £150,000 of the £175,000 band and leaves £25,000. Tax is 40% x (£2,300,000 - £350,000) = £780,000, against £720,000 without the taper, so the taper adds £60,000. Between £2,000,000 and £2,350,000 each extra £1 of estate is taxed at 60p, not 40p.

Source: GOV.UK, "Inheritance Tax: Residence nil rate band" (home left to direct descendants; band reduces by £1 for every £2 the estate is worth more than the £2 million taper threshold; unused amount can transfer to a spouse or civil partner) and GOV.UK, "Inheritance Tax thresholds and interest rates" (nil rate band £325,000 to 5 April 2031; residence nil rate band £175,000 to 5 April 2030) and GOV.UK, "Inheritance Tax" (standard rate 40%). Read 13 October 2026.

Full guide: Residence nil-rate band: £175,000, the £2 million taper, and the 60% slice a client estate of £2.3 million falls into

£4,000 in earns £1,000 bonus, so £5,000 for £4,000 paid, a 25% uplift. It leaves £16,000 of the £20,000 ISA allowance. A client who first pays in at 39 and keeps paying until 50 has up to 11 tax years of £1,000, so £11,000 of bonus; one who opens at 25 has up to 25 years, £25,000; one who turns 40 without opening has none.

Source: GOV.UK, "Lifetime ISA" (up to £4,000 each year until you are 50; 25% government bonus up to £1,000 a year; first payment before 40; £4,000 uses part of the overall ISA allowance, £20,000 for 2026 to 2027). The withdrawal charge and the property price cap are on other pages and were not read. Read 11 October 2026.

Full guide: Lifetime ISA: £4,000 a year, £1,000 bonus, first payment before 40, and what a client opening at 39 can still earn

A £15,000 gain realised in one year less the £3,000 allowance is £12,000 taxable: £2,160 at 18% or £2,880 at 24%. Realised as £3,000 in each of five tax years, the taxable gain is nil each year and the tax is £0, a saving of £2,160 or £2,880, before any change in price. A couple who each use the allowance can clear £6,000 a year.

Source: GOV.UK, "Capital Gains Tax rates and allowances" (annual exempt amount £3,000 for 2026 to 2027; 18% for gains within the basic rate band and 24% above it from 6 April 2026). Read 10 October 2026.

Full guide: A client has a £15,000 gain on shares: the £3,000 allowance, 18% or 24%, and what spreading it over five years saves

A client who paid in £20,000, £35,000 and £50,000 in the three years to 2025 to 2026 has £75,000 of unused allowance plus £60,000 for this year, £135,000 in all. A £130,000 contribution in 2026 to 2027 uses this year's £60,000, then £40,000 from 2023 to 2024, £25,000 from 2024 to 2025 and £5,000 from 2025 to 2026, leaving £5,000 to carry into next year. Without it, the 2023 to 2024 £40,000 lapses on 5 April 2027.

Source: GOV.UK, Pension schemes rates and allowances (annual allowance £60,000 for 2023 to 2024 through 2026 to 2027; money purchase annual allowance £10,000; updated 6 April 2026); GOV.UK, Tax on your private pension: annual allowance (carry forward from the previous 3 tax years); GOV.UK, Check if you have unused annual allowances on your pension savings (membership condition); HMRC Pensions Tax Manual PTM055100 (current year used first, then earliest year); GOV.UK, Work out your reduced (tapered) annual allowance (£200,000 threshold income, £260,000 adjusted income, £10,000 minimum); GOV.UK, money purchase annual allowance guidance (unused MPAA cannot be carried forward). All read 7 October 2026.

Full guide: Pension carry forward in 2026 to 2027: one client's £135,000 of headroom worked through, and the £40,000 that lapses on 5 April 2027

On £250,000 with a 2% initial charge, 0.75% ongoing adviser charge, 0.60% platform and fund charges and 5% growth before charges, the adviser receives £5,000 initially and about £22,700 more over ten years (£27,721 in all), the portfolio ends about £58,900 lower than it would with no charges at all, and the reduction in yield is about 1.6% a year.

Source: COBS 6.1ZA (MiFID II costs and charges: aggregated, in cash and percentage, with the cumulative effect on return, ex-ante and ex-post); COBS 6.1A (adviser charging); PRIN 2A.4 (price and value); FCA ongoing advice review, 24 February 2025; our own arithmetic, charges taken at year end on the grown value. Read 2026-10-01. Tested in headless Edge 2026-10-01.

Free tool: Adviser charging illustration calculator: initial and ongoing fees in pounds, year by year, and their cumulative effect on a portfolio over ten years

We wrote this list of 23 steps in 5 stages from the rules set out in 11 of our guides and the official pages each step names. Four of the 23 steps apply only when the client does not reply, and the FCA sets no number of chasers for them: the eight-week, three-contact timetable in this list is our own suggestion, while the review itself is due at least annually under COBS 9A.3.9R.

Source: FCA Handbook COBS 9A.3.9R, read 1 October 2026; FCA CP26/10, 25 March 2026; FCA Handbook COBS 9A.3.8R, read 1 October 2026; our sequence for one review year; FCA, ongoing financial advice services review, 24 February 2025; our chase template for providers; FCA Handbook COBS 6.1A.22R; FCA CP26/10, 25 March 2026; FCA Handbook COBS 9A.2.1R and 9A.2.10R, read 1 October 2026; our chase rhythm; FCA, ongoing financial advice services review, 24 February 2025; FCA Handbook COBS 6.1ZA; our price check of two cashflow tools; FCA Handbook SYSC 10A.1.11R; FCA Handbook SYSC 10A.1.16R; UK GDPR Article 9; FCA FG21/1; FCA Handbook COBS 9A.3.2R(4), read 1 October 2026; ICO innovation advice, previously asked questions; FCA Handbook SYSC 10A.1.16R; FCA Handbook COBS 9A.3.3R(4), read 1 October 2026; FCA AI Update, April 2024; FCA Handbook SYSC 10A.1.14R and DISP 2.8.2R; each step names its source, and the linked guide shows the working.

Free tool: Yearly suitability assessment checklist for advisers: from the invitation to the file note

The FCA sets no number of chasers and no cut-off for a client who ignores review invitations. In its February 2025 review 15% of promised reviews were declined or went unanswered, it listed as good practice "policies in place to stop collecting fees where a client had not engaged with the service for a period of time", and in CP26/10 it considered and rejected a rule to offboard clients after 24 months of non-engagement. Our sequence is three contacts over eight weeks by at least two channels, with the fee in pounds in the third.

Source: FCA, ongoing financial advice services multi-firm review, 24 February 2025 (findings, good practice, next steps for firms), read in a browser 2026-10-01; FCA CP26/10, Simplifying the pensions and investment advice rules, 25 March 2026, paragraphs 3.21 to 3.28 and cost benefit analysis paragraph 59 (PDF read 2026-10-01), and the FCA's CP26/10 web page (closed, no policy statement, read 2026-10-01); FCA Handbook COBS 9A.3.9R and COBS 6.1A.22R, read in a browser 2026-10-01. The contact sequence and the letters are our own suggestion, not an FCA timetable. General information, not regulatory advice.

Free tool: Client not responding to annual review invitations: what the FCA has said, three letters to copy, and when to stop the ongoing charge

On 1 October 2026 the annual rule is still in force: COBS 9A.3.9R requires a firm providing a periodic suitability assessment to review its recommendations at least annually. CP26/10 (published 25 March 2026, closed 22 May 2026) proposes periodic reviews with no fixed interval, having considered and rejected an 18 or 24 month minimum, and the FCA aims to publish a policy statement in Q4 2026.

Source: FCA CP26/10, Simplifying the pensions and investment advice rules, 25 March 2026 (paragraphs 1.23, 1.25, 2.53 to 2.57, 3.1, 3.8 to 3.10, 3.14, 3.17, 3.21 to 3.28; cost benefit analysis paragraphs 57 and 59), PDF and web page read 2026-10-01; FCA Handbook COBS 9A.3.8R, 9A.3.9R and 9A.3.10R, read 2026-10-01; FCA ongoing financial advice services review, 24 February 2025, read 2026-10-01. General information, not regulatory advice.

Full guide: CP26/10 for small advice firms: what the FCA proposed on 25 March 2026, what the rule still is today, and what to change before the policy statement

The FCA's review of ongoing advice found that reviews were delivered in 83% of promised cases, declined or not engaged with in 15%, and not attempted in under 2%; it asked firms to look back to 2018 and consider redress, which may be partial; and thirteen months later CP26/10 proposed replacing the annual review with a periodic one, so the look-back is on the old rule and the future is on a new one.

Source: FCA, ongoing financial advice services review, 24 February 2025; FCA CP26/10, Simplifying the pensions and investment advice rules, 25 March 2026 (periodic reviews, charging for ongoing related services, expectations where clients do not engage); COBS 9A.3.9R (periodic assessment at least annually); read 2026-10-01. Not regulatory advice; the firm's compliance function owns the look-back.

Full guide: The FCA's ongoing advice review, and the evidence pack a small firm needs for every client since 2018

A client who started ongoing service on 15 March 2019 at 0.75% on £320,000, with five reviews delivered and one declined on file, has seven completed service years by October 2026 and one undelivered: £2,400 of fees, about £96 of simple interest at 8% if it was the most recent year, and a next review due on 10 February 2026 that is already overdue by more than seven months.

Source: FCA, ongoing financial advice services review, 24 February 2025 (83% delivered, 15% declined or did not engage, under 2% no effort; look back to 2018; consider redress, which may be partial); COBS 9A.3.9R (periodic suitability assessment at least annually); FCA CP26/10, 25 March 2026 (periodic in place of annual; not in force); FOS interest guidance (8% simple before 1 January 2026 and for late payment; base rate plus one point for referrals from that date). Read 2026-10-01. Tested in headless Edge 2026-10-01.

Free tool: Ongoing service tracker for advice firms: when the next review is due, how many were promised and not delivered since 2018, and what the undelivered fees come to

On an illustrative £38,000 salary, 2026-27 employer NI of 15% above £5,000 is £4,950 and the 3% employer pension on the £6,240 to £50,270 band is £952.80, so the cost is £43,902.80 before equipment and software; that is £439.03 a report at 100 reports a year, £292.69 at 150, £219.51 at 200 and £175.61 at 250 (we calculated these), and an outsourced fee of £200 breaks even at 219.5 reports.

Source: GOV.UK, Rates and thresholds for employers 2026 to 2027 (employer Class 1 NI 15%, secondary threshold £5,000 a year, Employment Allowance £10,500), read 5 October 2026; GOV.UK, Workplace pensions: what you, your employer and the government pay (3% employer minimum, qualifying earnings £6,240 to £50,270), read 5 October 2026.

Full guide: What an in-house paraplanner really costs per suitability report in 2026-27: employer NI, pension and the break-even against an outsourced fee

On 1 October 2026 AdvisoryAI's pricing page gave its suitability report tool at £299 per user per month on monthly billing and £269 plus VAT on annual billing, and Automwrite's page gave its Platform plan, the one described as covering report writing, at £249 a month plus VAT without saying whether that is per user. One report seat for a year is £3,588 at AdvisoryAI's monthly price and £2,988 plus VAT at Automwrite's. Saturn and Aveni published no price.

Source: AdvisoryAI pricing page (price cards on the annual setting, £89, £269 and £89 plus VAT per user per month; questions section, £99, £299 and £99 per user per month, any two products £369 a month, all three £429 a month; 14-day trial; 30-day money-back guarantee), read in a browser 2026-10-01; Automwrite pricing page (Starter £29.99, Starter+ £49.99, Platform £249, each a month plus VAT; Enterprise custom; 3-day trial), read in a browser 2026-10-01; Saturn website (no pricing page, no price on the home page) and Aveni Assist product page (no price), both read in a browser 2026-10-01; GOV.UK VAT rates (standard rate 20%), read 2026-10-01; The Big Tent forum thread on AI tools, read 2026-10-01. Desk check only; no product was trialled.

Free tool: AdvisoryAI vs Automwrite: the published prices for AI suitability report tools on 1 October 2026, and what one report seat costs a small advice firm a year

We wrote this list of 24 steps in 5 stages from the rules set out in 9 of our guides and the official pages each step names. Three of the 24 steps are the COBS 9.4.7R minimum, and a report missing any one of them is not a suitability report. The shortest period on the list is the 14 days after the contract within which a pension suitability report must be provided under COBS 9.4.4R.

Source: FCA Handbook COBS 9A.2.1R, read 1 October 2026; our twelve-point file check; FCA FG21/1; UK GDPR Article 9; our chase rhythm for providers; Money Laundering Regulations 2017, regulation 40; FCA Handbook SYSC 10A.1.16R; FCA Handbook SYSC 10A.1.9R and 10A.1.16R; FCA Handbook SYSC 10A.1.11R and 10A.1.12AR; ICO innovation advice, previously asked questions; FCA Handbook COBS 9.4.7R; FCA Handbook COBS 9.4.7R; PRIN 2A; FCA Handbook COBS 6.1ZA; FCA Handbook COBS 6.1A.22R; FCA Handbook COBS 9.4.4R; MCOB 4.7A; FCA AI Update, April 2024; FCA, ongoing financial advice services review, 24 February 2025; FCA Handbook COBS 9.5.2R; MCOB 4.7A.25R; FCA Handbook DISP 2.8.2R; our retention schedule guide; each step names its source, and the linked guide shows the working.

Free tool: Client file checklist for advice firms: what to put in order before a compliance file check

A letter of authority sent on 10 September 2026 has, by 1 October, waited 15 working days; the third chase falls at 20 working days, Thursday 8 October, and from then the chase is a complaint under the provider's own procedure rather than a fourth email.

Source: Our own chase rhythm, built from paraplanner forum accounts of provider turnaround (The Big Tent, Technical Stuff category) and from broker reports of 15 to 20 message rounds per case (Mortgage Soup, Nivo report); FCA Consumer Duty obligations on firms to support customers, which cover providers' handling of authorities; read 2026-10-01. Tested in headless Edge 2026-10-01.

Free tool: Letter of authority and document chase email template: the chase for a provider, a client or a lender, with the working-day dates for the next chase and the escalation

COBS 9.4.7R sets three minimum contents for a suitability report, the client's demands and needs, why the firm concluded the recommendation is suitable on the client's information, and any possible disadvantages, and the timing rule in COBS 9.4.4R differs by product: within 14 days of the contract for a pension, in good time before the transaction for a pension transfer, before the contract for a life policy.

Source: FCA Handbook COBS 9.4.1R (when required), 9.4.4R (timing), 9.4.7R (contents), read 2026-10-01; COBS 6.1ZA and 6.1A (costs and charges; adviser charging); PRIN 2A (Consumer Duty); FG21/1 (vulnerability); CP26/10, 25 March 2026 (reports to carry only useful, relevant information); MCOB 4.7A for mortgages. Tested in headless Edge 2026-10-01.

Free tool: Suitability report file check: the COBS 9.4.7R minimum, the Consumer Duty points and the timing rule for the product, as a pass or fail table

The cap bites at £268,275 / 25% = £1,073,100. A £400,000 pot gives £100,000 tax-free, £800,000 gives £200,000, £1,073,100 gives exactly £268,275, and £1,200,000 gives £268,275 rather than £300,000, so £31,725 of the 25% is taxed as income: £6,345 at 20% or £12,690 at 40%.

Source: GOV.UK, Tax on your private pension contributions: Lump sum allowance (usually up to 25% of the amount built up in any pension, with a maximum of £268,275; a lump sum and death benefit allowance of up to £1,073,100 may apply in certain circumstances; income tax is payable on the extra amount, deducted by the provider; the lifetime allowance was abolished on 6 April 2024, and protection from before April 2016 carries over to these allowances; reduced allowances may apply to early access for some members). The page shows no date. Read 9 October 2026.

Full guide: Tax-free cash and the £268,275 lump sum allowance: the pot size where 25% stops, with four client pots worked through

A consent request made on Wednesday 16 December 2026 has a notice period of seven working days that ends on Tuesday 29 December 2026, not Thursday 24 December, because 25 and 28 December are bank holidays and the weekend falls inside it; if refusal arrives on the last day the 31 day moratorium runs to Thursday 28 January 2027, and a court could extend it by up to 186 days to Monday 2 August 2027, a possible 217 days from the refusal.

Source: Proceeds of Crime Act 2002, section 335 (seven working days starting with the first working day after the disclosure; 31 days from notice of refusal; working day defined to exclude weekends, Christmas Day, Good Friday and bank holidays), section 336A (court extension, no more than 186 days in total after the 31 day period) and section 333A (tipping off, up to two years on indictment), all on legislation.gov.uk and read 2026-10-05; Money Laundering Regulations 2017, regulations 28 and 40, read 2026-10-05. The December 2026 dates were counted by script on 2026-10-05.

Full guide: Suspicious activity report with a consent request in an advice firm: the seven working days, the 31-day moratorium and what you can say to the client meanwhile

We wrote this questionnaire of 4 questions and 7 outcomes from the rules set out in 2 of our guides and the sources each outcome names. Three of the seven outcomes stop before the question about an application: cover from outside the firm's conduct rules staff, an exit or long absence the firm saw coming, and a planned absence under 12 weeks. Only a sudden absence or departure reaches the extension that began on 24 April 2026.

Source: FCA Handbook SUP 10C.3A.6R and 10C.3A.13R (FCA 2026/17, in force 24 April 2026, printed in PS26/6); FSMA section 61(3A) on legislation.gov.uk; FCA Authorisations operating service metrics 2025/26 Q4; each read on 2 October 2026; FCA Handbook SUP 10C.3A.6R, 10C.3A.8R, 10C.3A.12G and 10C.3A.16G (FCA 2026/17, in force 24 April 2026, printed in PS26/6); FSMA section 61(3A) on legislation.gov.uk; each read on 2 October 2026; FCA Handbook SUP 10C.3A.6R, 10C.3A.10G and 10C.3A.12G (FCA 2026/17, in force 24 April 2026, printed in PS26/6) and SUP 10C.14.5ER, read on 2 October 2026; FCA Handbook SUP 10C.3A.6R, 10C.3A.8R and 10C.3A.12G (FCA 2026/17, in force 24 April 2026, printed in PS26/6); FSMA section 61(3A) on legislation.gov.uk; each read on 2 October 2026; FCA Handbook SUP 10C.3A.8R (FCA 2026/17, in force 24 April 2026, printed in PS26/6), SUP 10C.14.5R and 10C.14.5ER; FSMA section 61(3A); FCA, How we assess senior management function applications (last updated 27 March 2026); FCA Authorisations operating service metrics 2025/26 Q4; each read on 2 October 2026; FCA Handbook SUP 10C.3A.6R, 10C.3A.8R and 10C.3A.13R (FCA 2026/17, in force 24 April 2026, printed in PS26/6) and SUP 10C.14.5R, read on 2 October 2026; FCA Handbook SUP 10C.3A.6R, 10C.3A.8R, 10C.3A.10G and 10C.3A.13R (FCA 2026/17, in force 24 April 2026, printed in PS26/6) and SUP 10C.14.5ER, read on 2 October 2026; each outcome names its source, and the linked guide shows the working.

Free tool: Can someone cover a senior manager who is leaving or away? Four questions on the 12-week rule

We wrote this questionnaire of 6 questions and 8 outcomes from the rules set out in 2 of our guides and the sources each outcome names. Two of the eight outcomes stop before the complaint's stage is asked: a complainant too large for the ombudsman, and a complaint first raised after the six-year and three-year limits. The six-month limit is reached only after the question on the DISP 1 Annex 3R wording, because DISP 2.8.3G starts it only when the letter mentions it.

Source: FCA Handbook DISP 2.7.3R and 2.7.5G, read in a browser on 2 October 2026; FCA Handbook DISP 2.8.2R, 2.8.2AR and 1.6.2R(1)(f), read in a browser on 2 October 2026; FCA Handbook DISP 1.5.1R, 1.5.2AR and 1.5.4R, read in a browser on 2 October 2026; FCA Handbook DISP 1.6.1R (version in force from 1 June 2026) and 1.6.2R, read in a browser on 2 October 2026; FCA Handbook DISP 2.8.1R and 1.6.2R(2), read in a browser on 2 October 2026; Financial Ombudsman Service, compensation limits and case fees pages, read in a browser on 2 October 2026; FCA Handbook DISP 2.8.2R, 2.8.3G and 1.6.2R(1), read in a browser on 2 October 2026; FCA Handbook DISP 2.8.2R, 2.8.2AR and 2.8.4G, read in a browser on 2 October 2026; FCA Handbook DISP 2.8.2R and 2.8.3G, read in a browser on 2 October 2026; Financial Ombudsman Service, compensation limits and case fees pages, read in a browser on 2 October 2026; each outcome names its source, and the linked guide shows the working.

Free tool: Which complaint deadline applies? Six questions for an adviser or mortgage broker

COBS 9.5.2R sets the minimum time to keep suitability records: indefinitely for a pension transfer, pension conversion, pension opt-out or FSAVC; five years for a life policy, a personal or stakeholder pension or defined contribution occupational scheme benefits; three years in any other case. Mortgage advice records are three years (MCOB 4.7A.25R). The Financial Ombudsman Service can consider a complaint brought within six years of the event or, if later, three years of the client becoming aware (DISP 2.8.2R), so the minimum can end before the risk does.

Source: FCA Handbook COBS 9.5.1G, 9.5.2R and 9.5.3R, COBS 9A.4.2AR and 9A.4.3R, SYSC 9.1.2R and 9.1.5G, SYSC 10A.1.14R, MCOB 4.7A.25R, DISP 1.9.1R and DISP 2.8.2R, each read in a browser 2026-10-01; Money Laundering Regulations 2017, regulation 40, and UK GDPR Article 5(1)(e), on legislation.gov.uk, read 2026-10-01; ICO guidance on storage limitation, read 2026-10-01; FCA ongoing financial advice services review, 24 February 2025, read in a browser 2026-10-01. General information, not legal or regulatory advice.

Full guide: How long must a financial adviser keep client files? The FCA minimum for each type of record, and a retention schedule to copy

Under DISP 1.10.4BR every firm's complaints reporting period ends on 31 December 2026, and from 1 January 2027 all firms report for 1 January to 30 June and 1 July to 31 December on one new return, each due within 30 business days. A firm in England with a 31 March year end files three returns in nine months, due on 11 November 2026, 12 February 2027 and 11 August 2027.

Source: FCA PS25/19, Improving the complaints reporting process, December 2025 (paragraphs 1.6 and 3.3 to 3.5; instrument FCA 2025/53), PDF read 2026-10-01; FCA web page for PS25/19 (last updated 27 August 2026) and FCA Handbook DISP 1.10.4R, 1.10.4BR, 1.10.5R and 1.10.6AR, as in force and as they will appear on 31 December 2026, and SUP 16.3.14R, read in a browser 2026-10-01; FCA Handbook Notice 139, March 2026, paragraphs 3.93 to 3.95; GOV.UK bank holiday dates, read 2026-10-01

Full guide: FCA complaints return: every firm's reporting period ends on 31 December 2026, and the dates for an advice firm or mortgage broker with a 31 March year end

The FCA must decide a senior manager application within three months of receiving it (FSMA section 61) and now aims for two; in January to March 2026 it closed 1,334 and the median took 19 days. Under SUP 10C.3A, in force from 24 April 2026, a temporary replacement can cover an unforeseen absence for up to 12 weeks without approval, and until the FCA decides if a complete application is made within those 12 weeks.

Source: Financial Services and Markets Act 2000, section 61, on legislation.gov.uk; FCA Handbook SUP 10C.3A (dated 24 April 2026), SUP 10C.10.25G to 10C.10.28G, SUP 10C.14.5R and 10C.14.5ER; FCA, How we assess senior management function applications (last updated 27 March 2026); FCA Authorisations operating service metrics 2025/26 Q4 (published 21 May 2026); FCA PS26/6, Senior Managers and Certification Regime review (April 2026); each read on 1 October 2026

Full guide: How long does FCA approval of a senior manager take, and how long can someone cover without it? Three months in law, 12 weeks of cover, and the dates for one advice firm

A firm must send a final response by the end of eight weeks after it receives a complaint (DISP 1.6.2R), unless the complaint is resolved by close of business on the third business day after the day of receipt, when a summary resolution communication is enough (DISP 1.5). For a complaint received on Monday 5 October 2026 those dates are Thursday 8 October and Monday 30 November 2026. The client then has six months to go to the ombudsman, whose award limit is £455,000.

Source: FCA Handbook DISP 1.3.1AR, 1.4.1R, 1.5.1R, 1.5.2AR, 1.5.4R, 1.6.1R (version of 1 June 2026), 1.6.2R, 1.9.1R, DISP 1 Annex 3R, DISP 2.8.1R and 2.8.2R, each read in a browser on 1 October 2026; Financial Ombudsman Service, compensation limits and case fees pages, read in a browser on 1 October 2026

Free tool: How long does a financial adviser or mortgage broker have to respond to a complaint? Three business days, eight weeks and six months, with the dates for one complaint and two letters to copy

We wrote ten questions from the rules set out in 10 of our guides; for 5 of the ten the answer that is in order is "no", so the check cannot be passed by ticking yes. The first asks: For every year a client has paid an ongoing charge since 2018, could you put your hand on a dated invitation, a questionnaire or valuation, and a dated meeting or written review? The FCA's review of 24 February 2025 found promised reviews delivered in 83% of cases and asked firms to look back to 2018. A year counts as delivered only with all three items dated on file.

Source: FCA, ongoing financial advice services review, 24 February 2025; FCA CP26/10, 25 March 2026; COBS 9A.3.9R; FCA, ongoing financial advice services review, 24 February 2025; FCA CP26/10, paragraph 3.21; FCA Handbook COBS 9.4.7R; FCA Handbook PRIN 2A.8.3; FE fundinfo adviser survey, 16 July 2026; FCA AI Update, April 2024; FCA Handbook SYSC 10A.1.11R and 10A.1.14R; Our own chase rhythm, built from paraplanner forum accounts of provider turnaround; FCA Handbook COBS 9.5.2R; HM Treasury and HMRC, government response on inheritance tax on unused pension funds, 21 July 2025; each rule is set out with its source in the guide the question links to. The test record is in tests/readiness/tools-check.txt.

Free tool: Advice firm readiness check: ten yes-or-no questions on ongoing service, suitability files, client data and record keeping

In 2026 surveys, 39% of UK advisers used ChatGPT or Claude-type tools for research and drafting and 95% said they had deployed AI in some form, while small firms lagged on the formal uses (meeting notes 31% in firms of five or fewer advisers against 72% in larger ones; suitability reporting 24% against 62%), and 80% of advisers were comfortable with AI collating review and suitability packs but only 43% with AI on pension transfers.

Source: FE fundinfo adviser survey, 16 July 2026 (39%, 95%, 51% saving over five hours a week); Fidelity IFA DNA via Professional Paraplanner, 9 September 2026 (72% vs 31%, 62% vs 24%); GBST and the lang cat via IFA Magazine, 19 August 2026 (80%, 77%, 76%, 75%, 43% of 178 advisers); FCA AI Update (April 2024: existing framework, no new AI rules; SM&CR accountability); UK GDPR; read 2026-10-01. Not legal or regulatory advice.

Full guide: AI and client data in an advice firm: what the FCA expects, what advisers already do, and the six conditions before a tool touches a client file

On 1 October 2026 a business seat cost £15 a month for ChatGPT Business and £18 for Claude Team on annual billing (Claude's figure includes 20% VAT), and £13.80 plus VAT for the Microsoft 365 Copilot Business add-on. Each vendor's own terms say business-plan content is not used to train its models by default, and the FCA's page on AI says "We do not plan to introduce extra regulations for AI."

Source: ChatGPT pricing page (Business tab) and OpenAI enterprise privacy page; Claude pricing page (Team tab, UK render) and Anthropic Commercial Terms of Service effective 17 June 2025; Microsoft 365 Copilot for business page (UK) and Microsoft Learn, Data, Privacy, and Security for Microsoft Copilot; Google Workspace pricing page (UK) and Generative AI in Google Workspace Privacy Hub; FCA, AI and the FCA: our approach (last updated 13 February 2026), the FCA's AI in financial services page, and The Mills Review (6 July 2026); FCA Handbook COBS 9.4.7R; each read in a browser on 1 October 2026

Full guide: Can a financial adviser or mortgage broker use ChatGPT, Claude or Copilot for client work? Business plan prices on 1 October 2026, what each vendor says about training on your data, and three prompts with no client in them

The rule is a report, not a form: PRIN 2A.8.3 requires the firm to prepare a report for its governing body on the results of its outcomes monitoring and the actions required, which the governing body reviews and approves at least annually, confirming whether it is satisfied the firm is complying with the Duty and whether its strategy is consistent with it; the FCA's review of the first reports, updated in February 2026 with findings for smaller firms, found good practice in firms with fewer than ten employees.

Source: FCA Handbook PRIN 2A.8.3 and 2A.8.4; FCA, Consumer Duty board reports: good practice and areas for improvement (December 2024, updated February 2026 with insight for smaller firms); RSM and other commentary on the 31 July cycle; read 2026-10-01. Not regulatory advice; the firm's compliance function and directors own the report.

Full guide: The Consumer Duty annual board report for a small advice firm: what PRIN 2A.8.3 requires, what the FCA found in the first ones, and a shape for a firm of three to ten people

SYSC 10A.1.16R lists what a record of a relevant face-to-face client conversation must include (date and time, location, attendees, who initiated the meeting, and the details of any client order), and SYSC 10A.1.14R requires records to be kept for five years, up to seven if the FCA asks, and given to the client on request. An AI summary has to be checked for all of these before it goes on file.

Source: FCA Handbook SYSC 10A.1.1R, 10A.1.6R, 10A.1.9R, 10A.1.11R, 10A.1.12AR, 10A.1.14R and 10A.1.16R (version dated 23 October 2025), read 2026-10-01; ICO, advice for small organisations on recording online meetings, and ICO innovation advice, previously asked questions (AI tool for meeting recordings and notes), read 2026-10-01; UK GDPR Article 9(1) on legislation.gov.uk, read 2026-10-01; Fidelity Adviser Solutions IFA DNA study via Professional Paraplanner, 9 September 2026; The Big Tent forum threads on AI note takers, read 2026-10-01. General information, not legal or regulatory advice.

Free tool: Recording client meetings with an AI note taker: what SYSC 10A requires, what to tell the client, and a script and six-point note check for a small advice firm

Reading GOV.UK's wording (the higher limit applies from the start of the tax year in which a person turns 65), a client born on or before 5 April 1963 keeps the £20,000 cash limit in 2027 to 2028 and one born on 6 April 1963 does not, a one-day difference. A client who has put £20,000 into cash each year can place at most £12,000 there from 6 April 2027, so at least £8,000 goes elsewhere; a couple moves from £40,000 to £24,000 of cash room. And £5,000 of cash held in a stocks and shares ISA that earns 4% interest, £200, attracts the 22% charge: £44. There are 179 days between 8 October 2026 and 5 April 2027.

Source: GOV.UK, Cash Individual Savings Account (ISA) limit reduction (HMRC policy paper, published 17 September 2026: cash ISA subscription limit £12,000 for individuals aged under 65 from 6 April 2027, overall limit £20,000, restrictions on transfers from non-cash ISAs into cash ISAs); GOV.UK, ISA reform 2027: anti-circumvention rules factsheet (published 23 June 2026: 22% flat-rate charge on interest on cash within non-cash ISAs, transfers from non-cash ISAs into cash ISAs not permitted, cash-like assets defined as money market funds only, 65 test, in force from 6 April 2027). Both read 8 October 2026. The 4% rate in the example is ours, an assumption.

Full guide: The cash ISA limit falls to £12,000 for under-65s on 6 April 2027: which clients it reaches and what an advice firm should check

On an illustrative 60 new clients a year, an identity check that takes 25 minutes by hand (copy documents, compare, file the note) and 8 minutes through an electronic process is 60 x 25 = 1,500 minutes (25 hours) against 60 x 8 = 480 minutes (8 hours), a difference of 17 hours a year; the minutes are our assumptions to be replaced with your own timings, not measured figures.

Source: legislation.gov.uk, The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692), regulation 28(2), 28(18), 28(19) and regulation 30(2) to (4), read 6 October 2026.

Full guide: Can an advice firm verify a new client's identity electronically? What regulation 28 says, and when the check must be done

We worked the case-fee table for a firm with no other ombudsman fees. At the published maximum of £680 a case, two cases (£1,360) sit inside the £2,000 allowance and leave £640 of it. The third case takes charges to £2,040, which is £40 over. Five chargeable cases come to £3,400 in fees, of which £1,400 is above the allowance. The first two cases cost nothing, and from the fourth every extra case adds the full £680, if the allowance is applied as a discount against the running total.

Source: Financial Ombudsman Service, "Case fees" page for businesses (financial-ombudsman.org.uk/businesses/resolving-complaint/case-fees), read 2026-10-06: £680 maximum for respondent businesses, £260 for professional representatives, £2,000 annual allowance, fee charged when the case is resolved or closed, invoice at the end of that month, payable within 30 calendar days; and the Service's 2026/27 plans and budget announcement, read 2026-10-06 (case fee £680 from 1 April 2026).

Full guide: What a Financial Ombudsman complaint costs an advice firm in 2026/27: the £680 case fee, the £2,000 allowance and when the fee is triggered

SYSC 8.1.8R lists 12 conditions; reading each one, 5 are duties of the provider (conditions 1, 3, 6, 8 and 10), 5 are duties of the firm (2, 4, 5, 7 and 12) and 2 need both sides (9 and 11), so a contract that only describes the paraplanner's service covers 5 of 12 and leaves 7 to the firm; and checking 1 report in 5 at 45 minutes each is 40 / 5 = 8 reviews and 8 x 45 = 360 minutes, 6 hours a year, on an illustrative 40 reports a year (our assumptions, not measured).

Source: FCA Handbook, SYSC 8.1 (general outsourcing requirements), rules 8.1.-2G, 8.1.4R, 8.1.4AR, 8.1.5R, 8.1.6R, 8.1.7R, 8.1.8R and 8.1.9R, read on handbook.fca.org.uk on 6 October 2026.

Full guide: Outsourcing paraplanning: what SYSC 8.1 says the firm keeps responsibility for, the twelve conditions, and a pass or fail check for the paraplanner's contract

The FCA caps the excess at the higher of £2,500 or 1.5% of annual income for a firm that does not hold client money, and the higher of £5,000 or 3% for one that does; both percentages overtake the flat sum at the same income, £2,500 / 0.015 = £166,667 and £5,000 / 0.03 = £166,667, so a firm with £400,000 of income has a cap of 0.015 x 400,000 = £6,000, or 0.03 x 400,000 = £12,000 with client money.

Source: FCA Handbook, MIPRU 3.2 (professional indemnity insurance requirements), rules 3.2.1, 3.2.2, 3.2.8, 3.2.9A, 3.2.9B, 3.2.11 and 3.2.12, read on handbook.fca.org.uk on 6 October 2026.

Full guide: Professional indemnity insurance for a mortgage or insurance broker: the FCA minimum cover, the cap on the excess, and the income at which the cap starts to rise

We took the FSCS limits and worked them against a client example. A client with £300,000 in a pension where a claim is for bad advice or SIPP operator failure can recover at most £85,000, which is 28.3% of the fund (85,000 ÷ 300,000). A client with £250,000 on deposit at one bank is covered up to £120,000, 48%, so £130,000 sits above the limit; the deposit limit rose by £35,000 (41.2%) from the £85,000 it replaced. Covering the same £250,000 in full needs at least three separately authorised banks (250,000 ÷ 120,000 = 2.08, so two are not enough).

Source: Financial Services Compensation Scheme, "What we cover" and product limit pages (deposit limit £120,000 from 1 December 2025; investments, pensions advice and home finance advice £85,000 per eligible person per firm for failures after 1 April 2019), read 6 October 2026. Worked examples are ours. Not advice.

Full guide: What does the FSCS cover for an advice client? The £85,000 limit on bad advice, the £120,000 deposit limit, and how to explain both

We sorted nine documents from a typical new-client and investment case. Five carry no legal formality beyond a signature, so an electronic signature is enough in law; three (letter of authority, platform or ISA application, pension transfer forms) are signed on the provider's own terms, so the provider decides whether it accepts an e-signature; one, a trust deed for a life policy or bond, is a deed, and the Law Commission's 2019 view, accepted by the Government in March 2020, is that its witness must be physically present even when both sign electronically.

Source: Electronic Communications Act 2000, section 7, on legislation.gov.uk; Money Laundering Regulations 2017, regulation 28(18) and (19), on legislation.gov.uk; Law Commission, Electronic execution of documents (Law Com No 386, September 2019) and the project page recording the Government's March 2020 response, on lawcom.gov.uk and gov.uk; each read 2026-10-05. The sorting of the nine documents is our own. Covers England and Wales. General information, not legal or regulatory advice.

Full guide: Electronic signatures in an advice firm: which client documents can be signed online, which need a witness in the room, and what to keep as proof

We turned the TC 2.1 hours into a pace. 35 hours in 12 months is 2 hours 55 minutes a month, of which 1 hour 45 minutes is structured; an adviser who has logged 15 hours after nine months needs 6 hours 40 minutes a month to finish. A firm of three retail investment advisers owes 105 hours a year, 63 of them structured. An adviser assessed as competent on 1 November 2026 needs a first SPS by 31 December 2026, 60 days later. We counted three accredited bodies on the FCA's list, last updated 19 February 2026.

Source: FCA Handbook TC 2.1.15R, 2.1.16G, 2.1.17R to 2.1.19G, 2.1.20G, 2.1.24R, 2.1.26R, 2.1.27R, 2.1.28R, 2.1.29G and 2.1.31R, read 2026-10-03; FCA, Professional standards for advisers (last updated 13 May 2024) and Accredited bodies for advisers (last updated 19 February 2026), read 2026-10-03; FCA quarterly consultation CP25/4 on the accredited body list. General information, not regulatory advice.

Full guide: Adviser CPD and the Statement of Professional Standing: the 35 hours, the 60-day rule and what the firm has to hold for each adviser

In 2026/27 a directly authorised mortgage broker pays the FCA a £2,820 application fee once, then a minimum annual fee of £2,200 plus £11.564 for each £1,000 of mortgage income over £100,000 before a deduction. On 1 October 2026 the FCA's fee calculator put the whole yearly bill, with the ombudsman, compensation scheme and guidance levies, at £3,526.29 for a firm earning £180,000 from mortgages and £60,000 from protection.

Source: FCA, Authorisation and registration application fees (last updated 13 July 2026); FCA Handbook FEES 4 Annex 2AR, FEES 5 Annex 1R and FEES 7A Annex 1R for 2026/27, FEES 4.3.6R and FEES 2.2.1R; FCA fee calculator, 2026/27 Final Rates; FCA, How we calculate annual fees (last updated 24 September 2025); Financial Ombudsman Service, case fees; each read in a browser on 1 October 2026

Full guide: What a directly authorised mortgage broker pays the FCA in 2026/27: the £2,820 application fee, the £2,200 minimum annual fee and the levies, worked for three sizes of firm

On 1 October 2026 the FCA's fee calculator, on its 2026/27 Final Rates setting, put the yearly bill for a directly authorised advice firm with £450,000 of investment advice income at £6,052.05, made up of £3,182.59 to the FCA, £91.35 for the ombudsman, £67.82 in guidance levies and £2,710.29 for the FSCS. The FSCS class levy works out at about £5.93 per £1,000 of income and has no threshold.

Source: FCA fee calculator, 2026/27 Final Rates; FCA Handbook FEES 4 Annex 2AR, FEES 5 Annex 1R and FEES 7A Annex 1R for 2026/27; FSCS, Chief Executive's statement, May 2026 Outlook, and FSCS levy information page; each read in a browser on 1 October 2026

Full guide: How much do FCA fees and the FSCS levy cost a small financial advice firm in 2026/27? The rates, and one firm's £6,052.05 bill line by line

On the example hours for a small advice firm (44 office hours a week, 26 of them on six jobs a tool can prepare, a quarter of each kept for checking), 19.5 hours a week could be handed over: 44% of the total, costing £13,455 a year at £15 an hour over 46 weeks.

Source: Arithmetic on the hours entered; the checking share is our stated assumption and can be changed. Rules behind what stays with the adviser: COBS 9.4.7R; FCA ongoing financial advice services review, 24 February 2025; FCA Consumer Duty, PRIN 2A

Free tool: Admin scorecard for advice firms: how many hours a week could AI prepare for the adviser to sign, job by job

On 1 October 2026 Plannr was the only one of the four main UK adviser back-office systems with a price on its own page, £140 a month plus VAT per employee with free external licences for outsourced paraplanners and compliance; Intelliflo Intelligent Office is quote-only and third parties report £130 to £135 per user per month for a wealth licence; Curo and Iress Xplan publish nothing, so a six-person firm can calculate Plannr at £10,080 a year plus VAT and must ask for the rest.

Source: Plannr pricing page (read 2026-10-01: £140 a month plus VAT per employee; free external licences; 50 or more staff on request); Intelliflo product page (quote only) and third-party reports of £130 to £135 per user per month (Platinum Prospects comparison; Wealthr, what adviser software costs); Wealthr on Curo and Xplan (not published); The Big Tent threads on Intelligent Office to Plannr migration (348 views, 3 comments, no migration account). Desk check only; check the live pages and your quote before deciding.

Full guide: Adviser back-office software prices: who publishes them, and what a six-person advice firm pays a year

An adviser working 44 weeks of 37.5 hours with 25% of the time on other work has 1,237.5 hours a year for existing clients. At seven hours a client, that is 176 clients at most; 150 clients use 84.8% of it. If two of the seven hours were drafted for the adviser to check, capacity rises to 247 clients.

Source: Our own arithmetic, shown in full on the page and checked by hand; FCA review of ongoing advice services, 24 February 2025, for the finding that 83% of promised reviews were delivered (read 2026-10-01). The test record is in tests/paraplanly/tools-check.txt.

Free tool: Adviser capacity calculator: how many ongoing clients one adviser can look after in a year

On 1 October 2026 FE CashCalc's own page priced an adviser licence at £80 a month plus VAT with a free paraplanner licence, and Voyant's UK page priced AdviserGo at £175 a month per adviser and £100 a month per auxiliary user. For two advisers and one paraplanner that is £1,920 a year plus VAT against £5,400 a year.

Source: FE fundinfo, FE CashCalc product page (£80 a month plus VAT per individual adviser licence; paraplanner licence free with each; group licences by quote), read in a browser 2026-10-01; Voyant UK pricing page (AdviserGo £175 a month advisers, £100 a month auxiliary users; ClientGo £175 a month for 25 client licences; Vault £3 a month per client; white labelling £750 set-up and £60 a month), read in a browser 2026-10-01; GOV.UK VAT rates (standard rate 20%), read 2026-10-01; The Big Tent forum listings and threads, read 2026-10-01. Desk check only; neither product was trialled.

Full guide: FE CashCalc vs Voyant AdviserGo: the published prices on 1 October 2026, and what a firm with two advisers and a paraplanner pays a year

From 6 April 2027 most unused pension funds and death benefits are included in the estate for inheritance tax; the government confirmed on 21 July 2025 that personal representatives, not pension scheme administrators, will report and pay the tax, with a mechanism for PRs to have the scheme withhold 50% of the benefit for up to 15 months after the month of death or pay the tax to HMRC directly; a firm with 300 clients and 120 with pensions and estates near or above the thresholds has about 120 conversations to schedule before April 2027.

Source: HM Treasury and HMRC, Inheritance Tax on unused pension funds and death benefits: summary of responses and government response, 21 July 2025; HMRC technical note on inheritance tax on pensions (GOV.UK); Royal London and M&G adviser technical notes read 2026-10-01; Scottish Widows adviser survey, April 2026 (57% say clients are uncertain, 55% recommend lifetime gifting). Not tax or financial advice; the adviser owns every recommendation.

Full guide: Pensions in the estate from 6 April 2027: the client conversations an advice firm has to get through in the next eighteen months, and a plan for the workload