Outgoing Tiner wades into 'independent' debate

Tiner’s speech, given at the Chancellor's High Level City Group on 2 July, puts him at loggerheads with the FSA’s Retail Distribution Review, which last week proposed ‘independent’ should apply only to advisers who are remunerated by fees regardless of the breadth of products on offer. Tiner also states he does not think commission produces an inherent bias. He says: “Whilst I do not believe in theory that advisers or intermediaries who are remunerated by commission based on volume of sales are necessarily biased in their recommendations, the practical effect of the incentive structures i...