BRETT Davidson, managing director of FP Advance, has attacked FSA threats to ban commission as "draconian" and called for more rigid rules on fee disclosure.
Hitting back at the regulator’s recent criticism of the current distribution model as failing to serve consumers, he said clients should be informed by advisers straight away about the cost of a product or service. He said: “Imagine you went shopping at a supermarket, got to the checkout and said ‘how much?’ only to be told ‘I’m not sure but why don’t I write to you in the next couple of weeks and let you know’? “I’m sure you would lose all confidence in them as a business. Yet this is how many advisers conduct their dealings with clients.” The FSA announced its retail distribution...
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