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Tied agents must disclose commission equivalence

Banks and tied agents will have to disclose commission equivalence according to the FSA&#39s menu proposals released today.

The FSA has identified two types of tied agents and is determined to make the tied sector disclose commission equivalence. Product providers&#39 representatives will have to disclose commission equivalence. This category contains most of the bancassurance sector.

However a firm owned (to at least 50 per cent) by a product provider, or a firm with the same owner as a product provider must disclose the greater of commission equivalence or commission.

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