Lords committee backs Europe-wide ban on commission

Under MiFID II proposals, only independent advisers would be banned from receiving commission, although this is likely to be watered down to make it only a requirement to clearly disclose remuneration. However, the House of Lords European Union Committee has expressed concerns about the consequences of such proposals, describing them as "flawed". In its report on the legislation, the committee said: "Restricting the ban on inducements to independent advisers will be unworkable, since advisers will simply take steps to avoid being classified as independent. "A more consistent approa...