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FSCP welcomes RDR proposals

The Financial Services Consumer Panel has applauded the contents of the RDR but says the FSA may still need to step in and put an end to commission.

The FSCP says while it is pleased the Review has looked at how to improve the standards of training, competence and impartiality for advisors but it is concerned the proposed split into two new categories will confuse consumers.

FSCP chairman John Howard says the FSA needs to take the lead and implement a new system to abolish commission.

He says: “The FSA has acknowledged that ending commission payments to advisors is a possibility and the review suggests the remuneration model we have been advocating of customer agreed remuneration or factory gate pricing as an alternative.

“However, the industry may need the FSA to take more of a lead on ending commission. We doubt whether the industry can move to a new system of its own volition, as there is little advantage to the first movers in the market place.”


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The RDR seems to have been scripted to benefit the banks, says Ernst & Young Insurance lead partner Shaun Crawford. He says it will also make winners of truly independent, whole-of-market, fee-based IFAs and estimates only around 25 per cent of IFAs currently practicing will make the grade of professional financial adviser. Crawford says: “There […]

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