UK RDR causes commission payment delay to 7,000 advisers
Henderson has delayed commission payments to over 7,000 UK advisers for three weeks due to additional checks needed following the RDR (Retail Distribution Review).
Renewal commission payments are made to over 7,000 advisers in a single batch on a semi-annual basis, but the forthcoming payout has been delayed.
This is the first payment since the RDR came into effect, as the group has had to ensure payments made to advisers after 30 December 2012 are compliant with the new rules.
The review, which has been effective from the start of the year, has imposed a ban on the payment of commission on advised new business placed after 30 December 2012.
The group said: “The additional checks Henderson has needed to make means the commission payment will occur on this occasion approximately three weeks later than typically has occurred in the past.
“This does not mean that future commission payments will occur later than usual. Henderson apologises for any inconvenience that may be caused by the timing of commission payments on this occasion.”
This article was first published on Investment Week