FCA to allow pre-RDR DFM referral payments to advisers

In its consultation paper published today the regulator proposed to ban referral payments to advisers for recommendations of a top-up investment but will continue to allow referral payments for pre-RDR business. The FCA also proposed to ban referral payments where an adviser firm does not provide personal recommendations to particular clients, but provides other services to them. If agreed, the proposals will take effect at the end of next year and top-up payments made before that date will not be affected. The FCA said it had found that this option, which is one of four originally...