AIFA: cash rebate ban will harm consumers

In June, the Financial Services Authority (FSA) confirmed it would seek to ban cash rebates to consumers, arguing they hinder transparency and "potentially provide a mechanism for commission to continue being paid". Responding to the regulator's consultation on the issue, which closed today, AIFA presented research suggesting advisers consider three-quarters of their clients already understand the current charges associated with platforms. It also argued that a potential administrative headache could be created for clients of they need to sell units to create cash to pay for their pla...