Comments made by John McFall, in the House of Commons last week, on the problems with a commission-based model has provoked a flurry of responses from IFAs.
In the article, McFall claimed there are inherent conflicts of interest with a commission model, and the regulation introduced to manage this has resulted in the financial services industry being unable to advise lower earners on pensions. Will Smith, director of Wirral Financial Services, says charges on pensions are irrelevant and consumers actually like the idea of commission because it seems like ‘free advice’. “Am I the only person in financial services who realise that the Government has completely missed the point on pension charges? I used to be a prolific seller of Personal Pen...
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