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Group may propose locking commission

An Aifa and ABI working group set up to thrash out agreed contractual

terms bet-ween providers and IFAs may recommend that commission cannot be

altered on existing contracts without prior notice.

The group, made up of IFAs and providers, is trying to create a standard

set of terms of business and will aim to put its recommendations to the

industry by the end of the year.

Aifa director general Paul Smee says: “The group is not ready to make its

recommendations as this is a time-consuming and laborious process. We will

make draft recommendations later this year.”

Scottish Life head of communications Alasdair Buch-anan says: “In

principle it is fine but once it gets down to detail, the difficulties

could surface. Provided it has a reasonable remit, it could help IFAs and

providers. But if it goes too far, it could hit difficulties if it tries to

set standard commission terms.”

DOCE:

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