ScotAm to stop paying commission

Scottish Amicable is to stop paying initial commission to intermediaries on all new regular premium pensions with immediate effect as it believes the practice is no longer sustainable, writes Simon Falush. Tony Kempster, Prudential's intermediary business director, said: 'The long-term view is that initial commission based pensions business cannot be sustained in current market conditions. 'Providers and advisers alike must adopt a sensible and sustainable approach to profitability.' Scottish Amicable will now focus on selling single premium products such as the Pru Bond, single prem...