Advisers attacked over 'money for nothing' with-profits - papers

Many investors who bought with-profits policies - long-term investments in a variety of assets that are intended to smooth out fluctuations in returns and are often used as a means of paying off an endowment mortgage - did not know that they paid commission to their financial adviser, said Dominic Lindley of Which?, in an interview with The Telegraph. The commissions could be one-off amounts, often as much as 7pc, or continuing payments every month. "If you are paying an ongoing commission, you should be getting ongoing advice in return. The FSA must stop this money for nothing culture,...