View more on these topics

Govt announces retrospective auto-enrol adviser commission ban

The Government has dealt a huge blow to advisers by announcing plans to ban pension schemes with in-built commission being used for automatic enrolment.

Pensions minister Steve Webb confirmed the ban would be introduced for all pension schemes from April 2016.

Consultancy charging will also be prohibited for all auto-enrolment schemes form April 2015 – including those where a legally enforceable agreement was in place before 10 May, when the Government announced a ban on the charging method for new schemes.

In addition, the Government is capping charges on auto-enrolment default funds at 0.75 per cent from April 2015 and banning active member discounts from April 2016.

In a statement in the House of Commons today Webb said: “As well as meeting the 0.75 per cent cap, from April 2016 schemes will be prohibited from taking money from people’s pension schemes to pay for sales commission.”

Experts say the commission ban, which was first floated in October as part of proposals to cap pension charges, could cost advisers £150m and 1,000 jobs.



True Potential launches D2C platform

True Potential has launched a direct-to-consumer platform supporting investments from as little as £50. The True Potential Investor platform charges 40 basis points and launches with both Isa and general investment accounts. Risk profiling is provided by Morningstar with investors guided into funds based on their risk score. It offers a limited range of funds from Goldman […]


Adviser anger over bidding process for NS&I premium bond contract

Advisers have expressed anger at the award of the National Savings & Investments premium bond advice contract to a small Shropshire-based firm.   Last September, NS&I sparked a bidding war to advise the monthly £1m premium bond winners after Close Brothers Asset Management ended its eight year association. In its tender process, NS&I said it […]


FCA under fire over handling of closed book announcement

The FCA has come under fire over the way it handled its announcement of a review into closed book policies last week. The Daily Telegraph first reported on 28 March that the regulator is concerned legacy customers are locked into poor investments by steep exit fees, and insurers may be “exploiting” them by levying large fees […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Derek Bradley ceo Panacea Adviser 15th April 2014 at 3:28 pm

    There is a strange likeness to Mussolini here? Should we be told anything?:)

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm