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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.


On the defensive

Warren Buffett says: “Be fearful when others are greedy and be greedy when others are fearful”. In October, he put this into practice, buying US equities for his personal account and predicting that “the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up”. There are several reasons why now might be a good time to revisit the equity market.


MPAA consultation

By Fiona Tait, pensions specialist The chancellor’s announcement of proposed cuts to the Money Purchase Annual Allowance means it will be more important than ever to be able to tell your PCLS from your UFPLS What was in the statement? Not much. The chancellor spared three sentences to inform us that the Money Purchase Annual Allowance will be reduced […]


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