TP's Harrison laments loss of commission cap

Harrison, who founded the support services firm four years ago, says existing remuneration rules have made providers "lazy" by incentivising them to compete on commission alone. A MCA was part of the 1988 Financial Services Act, but it was later removed after the Office of Fair Trading (OFT) suggested it stifled competition. As part of its RDR deliberations, the FSA has repeatedly said a number of advisers felt a return to commission capping would be preferable to a restriction of their remuneration methods. "A maximum commission agreement would have solved a lot of problems a whi...