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IFAs say incentives compromise status

IFAs have hit out at product providers and intermediaries involved in discussions about inducement payments, saying they do not want to compromise their independence.

The Arden Court Group managing director Nat Parmar says IFAs should not use inducements as a way to get business as this would be against the ethos of an IFA and compromise independence.

Parmar says: “Advisers should not use inducements as a way to get business but I am sure this is going on otherwise the FSA would not be picking up on it.”

Sesame commercial director Martin Davis says: “We adhere to the rules strictly and have guidelines in place. I am confident we comply with the indirect benefit rules but I cannot say the same for everyone in the industry.”

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