Fee-based financial adviser, Financial Engineering Network, has just celebrated three years in business. The firm, which was established in April 1996, provides independent financial advice for a pre-agreed flat fee. The company then takes the usual commissions paid on financial products and reinvests them for the benefit of the client. In some cases, particularly where pensions are concerned, it says it is possible to reduce insurance company charges by at least 40 to 50 per cent or more.

The firm, which incurred losses during its first two years of operation as anticipated, posted profits of more than £30,000 in its third year. Over the three-year period, more than £500,000 worth of commission has been reinvested for the company's clients.