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IFAs faced with reviewing income stream

Consumers will be even more confused as to the status of the advice they are receiving if the FSA&#39s proposals on polarisation and commission are adopted, and IFAs may have to divide their businesses to survive.

Jackson Batten Financial Group Managing director Robert Ratcliffe says: “IFAs will be considering dividing their businesses in two halves – the hardcore financial planning side based on fees and a multi-tied branch offering products from a few quality companies.”

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Massive commission overhaul planned

IFAs will only be able to describe themselves as independent if they operate a new system of payment designed to prevent commission bias. Independent advisers will have to use what the FSA is describing as a “defined payment” system.The regulator says this requires an upfront agreement between the customer and the IFA which defines in […]

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