FSA will not use sales data to control price of advice

In a drastic move away from existing requirements, from 2013 firms may have to break down their revenue into charges received directly from clients and those via product or platform providers, as well as amounts paid up front and monies due for ongoing work on their RMAR forms. Payments received as a lump sum or via regular instalments, plus whether clients paid per-hour or as a percentage of their investment, may also need to be disclosed if proposals issued this week are rubber stamped. The FSA said it wants to calculate average adviser charges at the firm and sector level so it can...