The Financial Services Consumer Panel (FSCP) is calling for "reassurance" from the FSA over the level of adviser fees post RDR.
In its annual report for 2008/9, the FSCP says it is vital the regulator ensures advisers do not charge "over the odds" to consumers who tend not to shop around for advice. The RDR says advisers will no longer be able to cash in on commission from sales of investments, pensions and insurance products, and must instead agree an upfront fee with their client for advice. But the FSCP suggests some advisers may seek to recoup perceived losses elsewhere. It says it remains unconvinced the FSA's treating customers fairly (TCF) principles will ensure this doesn't happen, and also criticis...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes