Automated compliant fee sharing for accountants
RQ now automates client consent, disclosure letters, and fee payments for accountants who receive commissions for client introductions, built in...
Automated compliant fee sharing for accountants
RQ now automates client consent, disclosure letters, and fee payments for accountants who receive commissions for client introductions, built in collaboration with ICAEW.
Accountants who receive fees or commissions for client introductions know the pain. Managing consent, disclosure, and record-keeping is often awkward and admin-heavy.
The ICAEW's Code of Ethics and the DPB (Investment Business) Handbook set out clear requirements for firms to:
> "...obtain client consent and notify clients of the amounts received"
Despite this, the 2022 Practice Assurance Monitoring Report revealed gaps at 51 of the firms reviewed. Common issues included failing to notify clients in writing about commissions received and not obtaining client consent to retain the amounts.
Beyond compliance risk, these requirements create practical barriers. Firms may refer less than they could, or avoid commercial agreements entirely, when they could be formalising an important service for their clients. Where firms do proceed, they often build internal processes from scratch for gathering consent, maintaining records, and keeping supporting documentation in order.
Automated compliant fee sharing
RQ now automates the process of securing client consent for fee sharing, built in collaboration with ICAEW. This includes ICAEW-approved disclosure letters, automated client e-signatures, and a full audit trail, as well as automated fee payments between firms.
This addresses a real challenge for accountants and solicitors: keeping compliant with fee-sharing rules without adding manual work to every referral.
How it works
Make your referral as usual. If fee sharing is included, RQ automatically generates a personalised disclosure letter using ICAEW-approved wording. The letter is sent to the client for e-signature. Once signed, consent is recorded and the audit trail is complete.
Fee payments are calculated and processed automatically based on your agreed arrangements. No manual tracking, no spreadsheets, no chasing.
What this means in practice
Firms can now commercialise referrals with confidence, knowing that consent, disclosure, and payment are handled consistently every time. Partners see clear terms. Clients see clear disclosure. Regulators see a clear audit trail.
For firms that have held back from formalising referral fee arrangements, this removes the main barrier: the admin and compliance burden of doing it properly.