The FSA understands perfectly well that the commission-based model for selling long-term savings products to the public is deeply flawed. In a recent speech to industry leaders, Chairman Sir Callum McCarthy spelt it out. The regulator’s powers do not extend to forcing changes in the business model.
read more Commentary by Stuart FowlerFrom 1st June all financial advisers must spell out whether they are independent agents or tied to one or more product manufacturers and what and how they get paid. It’s the last step in the FSA’s ‘depolarisation’ programme and a much watered down version of its original plan to make the adviser/salesman distinction clearer and prevent commission bias. How watered down is demonstrated by the belief in the industry it need make no effective difference to how you run your business.
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