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RDR does not rule out future ban on commission

The FSA has not ruled out a total ban on commission in the future in its RDR feedback statement published today.

The FSA says that there are practical and legal barriers to banning commission at present but it may still be a long-term aim.

The statement says: “We may still want a ban to be a long-term aim. But at present many consumers may not want, or be able, to pay an adviser up front, especially if they are buying a regular premium product rather than investing a lump sum.”

The paper also says that discussions with the European Commission indicate that a wider ban on commission may be inconsistent with Mifid.

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