Charging fees may ruin market

Advisers believe the market will change for the worse if the FSA uses the Retail Distribution Review (RDR) to force intermediaries to charge a fee rather than a commission when selling protection. In this month's Market Views (p.12), Matt Morris, senior policy adviser at LifeSearch, said: "Few people would pay a fee for protection advice and introducing such a system would damage the role of the IFA and be detrimental to the consumer." In addition, Sara-Ann Burgess, managing director of Burgesses, said that the proposals would mean consumers will confuse sales representatives in banks w...