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Fee perceptions are challenged

National IFA 2plan head of regulation Julie Darlington is calling for a considered debate about trail commission, fees and advice, and is challenging the idea that more client reviews mean higher cost.

She says the debate over trail commission and the service for which it pays is fundamental to intermediaries and must be addressed.

Darlington acknowled- ges that it is a subjective and emotive topic for many but warns that an effective solution will not be found with a “kneejerk reaction” from the industry.

Darlington says: “There are lots of issues to work through in terms of what service should be delivered for the commission or fee received.”

She questions the simplistic approach adopted by some that the more client reviews are provided, the higher the cost.
She says: “Should price be linked to just quantity or also quality and what does quality look like?

“We are working with our advisers to understand their charging models and work out the process that is right for the client and the adviser.

“We recognise the need to act on the challenges we face but this must be with consideration to build a viable business model.”


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Two year fixed rates now below 7%

The average two year fixed rate is now below 7 per cent after a number of lenders including Halifax and Nationwide Building Society have cut rates.


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