Confusion as Tenet disputes FSA trail commission switch ban

The IFA support group says the regulator has pledged not to “put trail in jeopardy” if there is either a change in firm ownership or a change in an adviser’s regulatory status from 1 January 2013. This is despite the FSA insisting publicly trail commission can not be transferred from a client’s previous adviser to their new IFA. It argues, as the new adviser “did not provide the service for which the commission was payable”, it should instead be paid to the client. The announcement, tucked away in the FSA’s March RDR statement, has angered advisers who say it “devalues” IFA busines...