FSA confirms commission ban on GPPs

The regulator says the rules will apply to all sales regardless of whether they are made through advice to individual employees, or through employer schemes. This introduces the concept of ‘consultancy charging', where the costs of pensions advice and other services to employers must be agreed with the employer, but can be obtained from employees' GPP accounts, in a similar fashion to individuals' advice costs under adviser charging. The final rules include: extend the ban on commission to GPP products and sales, irrespective of whether advice is given to individuals or the sa...