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Can I receive fees for referrals to financial advisers under DPB rules?
Category: ICAEW & RQ
Under DPB regulations and general law, accountancy firms receiving any payment for referrals must follow strict rules: **Legal requirements (all accountants):** A 2024 Court of Appeal judgment clarified that where there is a fiduciary relationship (which most accountant-client relationships are), you cannot receive payment from a third party without the client's **fully informed consent**. This applies to all fees, commissions, software credits, or any other benefit received for introductions. Simply mentioning commissions in small print is not sufficient. The ICAEW's January 2025 guidance confirms that disclosure must be: - Given before the referral is made - Specific about the amount or basis of calculation - Clearly communicated (not buried in terms and conditions) - Accompanied by explicit client consent **Additional DPB requirements:** For firms with DPB licences, additional rules apply: - Fee arrangements must not compromise your duty to act in the client's best interests - Any arrangements must not create conflicts of interest or bias your recommendations - All fee arrangements must be documented and retained for at least 6 years - Receiving ongoing commission may push certain activities into requiring ERA oversight RQ helps firms track fee-sharing arrangements transparently, capture fully informed client consent, and maintain proper disclosure records.