FSA says RDR commission ban compatible with MiFID II

A draft of the Markets in Financial Instruments Directive II (MiFID II), published in October, limited the ban on receiving commission payments from product providers specifically to independent financial advisers. This led to suggestions the FSA would be forced to look again at its Retail Distribution Review (RDR) position and allow tied and multi-tied - 'restricted' from next year - advisers to take commission. However, speaking at a British Bankers' Association event in London yesterday, David Lawton, acting director for markets at the FSA, said the RDR rules were "compatible" with...