Ed Balls has weighed in on the debate over IFA commissions by offering his support for Financial Services Authority's review of distribution but suggesting most financial advice is "about selling products".
In his address to the Association of British Insurers (ABI) Saver Summit yesterday, the economic secretary to the Treasury said he welcomed the FSA’s review of the distribution model and supported Clive Briault, managing director of retail markets at the FSA in his assertion that the current business model “does not work well”. Balls said: “Advice should be the bridge between consumers and a complex market. As Clive noted, however, the current business model does not work well. I very much welcome the FSA’s review, particularly its broad scope and willingness to tackle some difficult que...
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