FSA plans further clampdown on DFM referral fees

In December, rules came into effect to ban referral payments to advisers from DFMs where the adviser also provided a personal recommendation to customers. The FSA has since written to trade bodies - including the Association of Private Client Investment Managers and Stockbrokers, the Association of British Insurers, the Association of Professional Financial Advisers, the British Bankers Association, the Investment Management Association and Which? - outlining plans to deal with legacy referrals from DFMs to advisers. Four options are on the table, and the FSA is looking for feedback f...