PosSol partners 'resign' over leavers' fee directive

A 'significant' number of Positive Solutions partners have provisionally resigned from the national IFA over a new directive affecting advisers leaving the business.

Aegon, which owns the company, says 18 partners resigned last night, but one adviser, speaking anonymously to IFAonline, says that figure is substantially higher.

Most have included a clause retaining the right to withdraw their resignation should Positive Solutions alter its plans.

The new rule, which came into effect today, affects partners leaving the business.

Partners were told yesterday anyone leaving from 1 April will be charged their share of the national IFAs' regulatory costs up to 31 March 2012.

The anonymous partner, who handed in his resignation last night with four others, says he has been told this could be as much as £20,000 per adviser, but Positive Solutions described such figures as "speculative".

Positive Solutions says the move is necessary as it currently pays the FSCS and FSA costs of supporting its advisers up to 15 months in advance, and it needs to protect those partners "loyal" to the business.

An Aegon spokesperson said the amount exiting partners will be billed is calculated on a pro-rata basis, based on when they leave.

It will also depends on the type and volume of business written. Retiring IFAs are unaffected.

The charges will include, but not necessarily be limited to, PII, FSA and FSCS costs, Positive Solutions says.

Chief executive Jim Reeve (pictured) is telephoning partners today in an attempt to reassure them and explain the reasons for the change.

The development comes as Positive Solutions told partners it is upping its charges, citing "substantial" increases in professional indemnity insurance costs and FSCS bills.