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PFS looks at dropping fee-based advice term

The Personal Finance Society is considering dropping the term fee-based advice, saying it is misleading.

Sofa managing director Bob Bullivant says commission offset is a much
better way to describe the practice. Commission offset is when a fee
is agreed for the work done by the IFA and if the work generates
commission this can be used to offset the fee.

Bullivant will be executive chairman of the PFS when the merger of
Sofa and the LIA takes effect in January. He says: “Commission
offset is a good way to describe fee-based advice, which is a term I
really do not like as it is misleading. I am considering a PR
campaign to pick up this fact and it is an issue that the PFS may be
looking at as a professional body.”

l PFS plans separate faculties, p20

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