Proposals to improve financial advice and reform adviser remuneration will widen access to financial advice and bring “great benefits to financial services and its consumers”, says the ABI’s Haddrill.
Haddrill says: “Moving away from the commission model of remuneration will eliminate any bias, or perception of bias, towards particular products. This means that consumers can have absolute confidence that the products recommended to them are best for them, not their IFA. Greater levels of professionalism and qualifications for advisers will also help to increase trust in financial services.
“The insurance industry fully supports the FSA’s proposals and will continue to work with it to ensure they are implemented in full.”