Banks and tied agents will have to disclose commission equivalence according to the FSA's 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' 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.