Advisers accused of commission 'cramming' on GPPs

Stephen Greenstreet, managing director of the Aegon-owned distribution business, says national account managers at a number of providers have told him they are being flooded with new GPP business. "But this is only because, on 31 December 2012, this option will disappear because of the removal of commission," he says. Later on this year, the FSA is expected to confirm advice on GPPs should be paid for on a fee basis, even if employees receive no individual advice. Instead, employers will need to arrange to pay an upfront fee to an adviser, or arrange for employee pension funds to b...