Commission payments to intermediaries does not alter the quality of advice and products given to clie...
Although Misys believes the industry should work together for better access and quality for the consumer - as the FSA has suggested - the Uk's largest IFA group has pointed out that most of its members offer the option of paying through fees yet it is the client who chooses to pay for advice through commission.
"Enabling consumers to pay for advice through commission has meant that the advice has been available to more people," says a Misys spokesman.
Rival intermediary firm, Towry Law, disagrees, however, and says it does not object to the eradication of commission payments.
"The key change for IFAs is to require consumers to agree in advance with clients the basis of their fee remuneration. For most IFAs, this is no more than that which they are already implicitly doing with their clients, thus, the only difference will be that this charge is agreed explicitly," says Towry Law in a statement.
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