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Don&#39t rob Paul to pay Peter

I do wish Peter Hargreaves would refrain from telling the small fry how to conduct their business (Money Marketing, August 12).

If he has a problem convincing John McFall to let him keep his trail commission, would he please not deflect the argument elsewhere.

It is noticeable that Mr Hargreaves always refers to himself as a broker.

Brokers, by definition, are transaction-driven, broking for their clients in the market for competitive products, possibly at risk of churning. IFAs do not need to be told how valuable an existing client is and recognise that initial/indemnity commission is at risk if poor advice or service is given, since they may well have to refund a large part of it.

Not every IFA is driven by the great god of investment business. There are other very pressing matters of financial planning that need to be addressed.

If life offices are content that payment may be made up-front in the form of discounting future renewals, I see no reason to change.

After all, the client knows, the life office knows, I know and the FSA knows. I am sure Mr McFall knows.

Robin Smith Robin Smith Independent Financial Adviser,Dundry, Bristol

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