A FRESH attack on IFA commissions is in the air as this morning's Scotsman reveals the Consumers' Association has asked the FSA to investigate how financial advisers are paid.
According to the Scotsman, the CA fears “lucrative bonus schemes could encourage them to mis-sell products” and suggest advisers are more interested in their own earnings than giving proper advice, so it wants the FSA to check. The Scotsman says the CA also wants senior directors of financial firms to be held accountable for the actions of their employees and immediately lose their own annual bonus if the firm is fined by the FSA for malpractice. This news comes just as hundreds of advisers at Bradford & Bingley are apparently planning to quit in protest at a new commission policy whi...
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