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‘Disclosing average commission could mean products are rejected’

The publication of marketaverage commission levels could give rise to anti-competitive behaviour, warn product providers.

Despite extensive lobbying by several life offices, little of the regulation has changed after the consultation and a number of providers have voiced their disappointment, particularly with the need for IFAs to disclose market-average commission levels.

Norwich Union director of distribution change Mick Johnson says the firm had lobbied against the rule due to concerns that it could result in IFAs declining to sell any products that pay commission significantly out of kilter with the market average, thereby reducing consumer choice.

Scottish Life group communications director Alasdair Buchanan says some providers may lose out if their commission structure makes the adviser appear expensive, for example, groups which pay out the majority of commission up front rather than over the life of a contract.

Buchanan says: “Advisers may find they are less inclined to use a particular company because of its commission structure.”

Both Scottish Widows and Standard Life welcome the move towards implementation after such a long lead time, with Widows saying it is bullish about the opportunities that multi-ties will offer.


Isa sales show recovery

Sales of Isas bounced back in October from their first-ever net outflow in September. Net sales for Isas in October rose to £37.4m, according to the Investment Management Association.

Pre-budget report- Chancellor to pay CTF top-ups to children at age seven

The Government has pledged to make additional payments into kids’ Child Trust Funds accounts when they reach age seven.In his pre-budget speech, the chancellor vowed to make an additional payment of 250 to children and 500 to the poorest kids. Eligibility will be measured in the same way as for the initial payment and the […]

Duffy sees bright future for Charcol with Garfield on board

Hamptons International Mortgages managing director Kevin Duffy says the sale of Charcol to a consortium including founder John Garfield is not good news for the rest of the industry because “Garfield has a proven record of turning water into wine”.But Duffy is curious to see what scale Charcol’s new management will grow the business to, […]


Lifetime Isa – how it works

According to George Osborne “people like Isas – because they’re simple”. Fiona Tait is not convinced… Contributions & bonuses What he said: “From April 2017, anyone under the age of 40 will be able to open a Lifetime Isa and save up to £4,000 each year. And for every £4 you save, the Government will […]


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