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Providers pass clawback debt details to FSA

The FSA is collecting information from product providers on IFAs with severe commission clawback debts.

Speaking at Money Marketing Live, FSA head of investments for small firms Jonathan Fischel revealed that the regulator is investigating the previous and current financial problems of a sample of 50 advisers.

The results of the probe will be published early next year. The investigation also aims to gauge the quality of the advice provided by the firms and whether their advice demonstrates any commission bias.

Fischel said the FSA gathered information from product providers which revealed that part of the sample of firms had substantial commission clawback debts.

He said it was unclear whether there is any correlation between those with financial difficulties and commission bias.

He said: “We are collecting information from providers on firms with commission clawback debts to identify issues with intermediaries. We do not know whether there is any correlation between the financial situation of the firm and the quality of its advice but this is something that the project is designed to work out.”

Worldwide Financial Planning IFA Nick McBreen says: “This a result of the problem of advisers moving their clients around from provider to provider and is part and parcel of providers marketing commission-led products.

“It could also be an indicator of the value of these advisers’ businesses being built at the initial stage and the fact that they are not reviewing things after a sale.”


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