Standard Life to keep commissions to 'help' advisers

Last week, Standard Life reported a 14% jump in operating profit for the first half of the year, a rise it said was down to lower commission payouts as advisers switch to fee-charging models ahead of 2013. Some IFAs have questioned the fairness of this practice and suggest providers should pass on the saving to consumers by lowering product charges. Otherwise customers are paying the same for the product as they would have done if their adviser had been paid commission, but with the added fee for the advice, they said. But Matthews argued consumers benefit through investment in the...