What are subscription and retainer fees for financial advice?
A subscription or retainer is a regular fixed payment, monthly or yearly, for an ongoing advice service, set in pounds rather than as a percentage of the money the adviser looks after.
They are a small share of the market: in 2025, 847 UK firms typically charged a fixed fee for ongoing advice, against 3,520 charging a percentage (FCA retail intermediary market data 2025, Table 24).
How they work
The firm sets a price for a defined level of service, sometimes in tiers, and you pay it by direct debit or from your investments. Because the price is in pounds, it does not grow automatically with your pot, though firms may review it.
The same rules apply as to any ongoing charge: the service must be disclosed with its price and you must be able to cancel it without penalty (COBS 6.1A.22R).
A model the FCA expects to grow
The FCA's consultation CP26/10 (March 2026) on simplifying advice rules makes room for subscription, retainer and limited-scope models. Its policy statement is expected in the fourth quarter of 2026, and this page will be updated when it is published.
What to check
- What is included at each level, and what costs extra.
- Whether the fee is reviewed, and how much notice you get of a change.
- How to cancel, and whether anything is owed on leaving.
Related definitions
Sources
- FCA, Retail intermediary market data 2025 (published 23 July 2026)
- FCA Handbook, COBS 6.1A — Adviser charging and remuneration
General information only, not regulated financial advice or a personal recommendation. FinancialAdvisor.co.uk is not authorised or regulated by the Financial Conduct Authority. Figures are labelled with their source and date; they describe the market, not any firm, and are not quotes. Spotted an error? Report it and we will correct it.