IFAs forced to change commission clawback terms

The FSA says it deemed two terms used by both unnamed adviser firms unreasonable under the Unfair Terms in Consumer Contracts Regulations 1999. It says the terms did not clarify the amount that could be reclaimed from the consumer or the timeframe in which the firm could reclaim this amount. It adds it felt this was unfair to consumers as it gave too much discretion to the firms to decide what amount could be reclaimed and when they could reclaim it. The FSA says it expects senior management to take responsibility for ensuring their firms treat their customers fairly. "This incl...