Smee gives evidence of FSA rethink

The FSA is "having second thoughts" on the issue of commissions vs. fees in the debate over proposals put forward in CP121, Paul Smee, AIFA director general has told today's Tenet Group annual conference. Arguing that research showed there was hardly any bias in the way financial services products were sold under commission - and in the case of the pensions market there being no bias found at all - Smee says consumer tests have clearly found that DPS does not work. AIFA is also concerned that CP121 does not offer a level playing field between independent intermediaries and tied ag...