Five leave Plymouth-based firm over 'unworkable' fees structure

Nicola Brittain
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Plymouth-based Financial Management Services has seen five staff walk out because they found the the fees structure required by RDR 'unworkable', according to managing director Ken Hayden.

There are three remaining staff at the firm, Paul Freeman, Stuart Southworth and Hayden himself. Of the staff that left earlier this year, Liz Brown and Rob Clayton Smith have joined Financial Network, and Sue Keaty, Simon Searle, and Paul Thorn have joined other firms.  The five took between 30% and 40% of the overall client base (about 100 clients). The staff left following what Hayden described as a 'breakdown in relations' following the imposition of a fees structure two years ago. He said: "The staff were required to log their time, just ten hours a week, against client fil...

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