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ABI calls for revamp of IFA commission

The ABI is calling for an overhaul of how IFA commission is paid and documented to ensure advisers are not biased toward products that are more lucrative to them.
Its proposals include providing consumers with annual commission statements revealing just how much their adviser earnt from the products they sold them, banning indemnity commission and simplifying IFA commission structures.
Although the ABI-commissioned research, carried out by Charles River Associates, found little evidence of commission bias it suggests similar remuneration levels for such products as Isas and investment bonds would help eradicate what bias there is.

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The firm is the one-stop intermediary lender of Britannia Building Society and was created from the mer-ger of Britannia subsidiar-ies Platform Home Loans and Verso.

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