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Sandler adds fuel to review worries

Ron Sandler, the head of the Treasury investigation into the retail

investments, has stoked IFA fears about his review by claiming distribution

has an inbuilt ambiguity.

In an interview in the Sun-day Times, Sandler said there is prima facie

evidence that unit trust charges are high and acknowledged the high level

of concern about with-profits.

His comments suggest that fund managers may join life offices and

actuaries could also be hit by the review.

The Sunday Times said Sandler&#39s comments suggested that advisers may have

difficulty giving impartial advice because of commission.

The Treasury says Sand-ler will not be giving further interviews before

the publication of his report.

Pretty Technical partner Kim North says: “There is massive

misunderstanding among the public about commission. It does need to be

totally transparent but often coverage from the national press overrides

the fact that it can be better for the client for us to work on commission

rather than a fee basis.”

Aifa director general Paul Smee says: “At least Mr Sand-ler is open about

his agenda. It is up to us to convince him that the market operates

efficiently and in the interests of the consumer.”

DOCE:

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