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Churning over

FSA chairman Callum McCarthy has joined the debate started by Ned Cazalet about life offices eating each other by paying big up-front commission and setting up a churners’ merry-go-round.

MM does not in any way condone churning although, on a case by case basis we are sure the arguments are not wholly black and white.

We think IFAs should do two things. First, concentrate on giving best advice and second, make sure they have more income streams from trail commission and fees and not just rely on indemnity commission.

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