Budget 2010: Government to probe bank commissions

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The Government will set up a working group to study remuneration at banks and the effects it has on consumers.

Today's Budget documents reveal the Treasury has tasked the Retail Financial Services Forum (RFSF) with examining the potential for consumer detriment in the way banks remunerate their staff. The measures echo moves in the RDR to prevent product providers from incentivising advisers through high commission payments. Government has asked the RFSF "to consider to what extent financial services firms' staff targets and incentives lead to poor outcomes for consumers and employees and how they can be reformed." The RFSF will form a working group to engage with banks, mutuals and consume...

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