Product providers will not be required to monitor the effect on their products of the levels of adviser charges deducted, the FSA confirms today.
In a dramatic turnaround on its original proposals, the regulator says "virtually all respondents" felt this requirement would "reintroduce" the provider influence it is seeking to remove by banning commission. The u-turn forms part of today's Policy Statement on adviser charging, which the FSA hopes will remove commission bias from the sale of retail investment products and help to restore consumer confidence in this market. In last June's consultation paper, the FSA proposed placing some responsibility for monitoring adviser charges on product providers, in those situations where th...
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