Ascentric chief Hugo Thorman says the FSA's "shocker" of a proposal to ban cash rebates is "fraught with difficulties" and has vowed to focus his energy on overturning the decision.
Speaking at a Legal & General (L&G) RDR webcast this week, Thorman (pictured) said the proposed ban will result in serious consumer detriment and pledged to engage with the regulator in a bid to understand its thinking. The FSA maintains the ban will aid transparency and ensure clients do not believe the advice they are getting is free. "The only thing I'm really focused on is reversing the decision to ban cash rebates," he said. "I think it's going to cause dramatically more detriment than the corresponding benefit. In fact, I cannot see any corresponding benefit - that is the whole ...
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