FSCP demands IFA fee monitoring; Wants QCF Level 5 minimum

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...