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OFT sound death knell for commission based IFAs

The Office of Fair Trading will sound the death knell for commission based independent financial advice in its long awaited report on polarisation.


Money Marketing can reveal the report will accuse commission remunerated advisers of offering biased advice and is calling for only advisers who are 100 per cent fee-based to be allowed to call themselves independent.


But the second draft of the report offers no alternative title for those advisers who are paid wholly or in part on a commission basis.


And the draft document fudges the question of multi-ties, offering pros and cons, but coming down neither for nor against.


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