Retention rates relate to an adviser’s annual percentage of income, or are in the form of a fixed membership fee.

The money is then in turn used to cover professional indemnity insurance, Financial Conduct Authority fees and the Financial Services Compensation Scheme levy.

According to City Wire, advisers will be charged the increased fees from February 2021.

A spokesperson from Quilter Financial Planning told City Wire: “Quilter Financial Planning has grown substantially over the past number of years and as part of that growth there are numerous rates that our network firms pay.

“Positive Solutions advisers, in particular, have been on heavily reduced rates and we are now bringing their fees in line with the fees the rest of our firms pay for fairness and transparency. We are working with these firms to ensure they understand the changes and supporting them where necessary.”