Advice firms still reliant on trail commission must adapt their business models "very quickly", warned one adviser, despite the Financial Conduct Authority (FCA) confirming it had "no immediate plans" to change its policy on it.
On Thursday morning, the FCA confirmed it had "no immediate plans" to change its policy on trail commission on share classes sold before the Retail Distribution Review (RDR), but said it was still considering the issue. The issue came to light last June, when, as part of its Asset Management Market Study, the financial watchdog consulted on whether it should be removed. Despite the watchdog's decision, Chase de Vere certified financial planner Patrick Connolly (pictured) said the days of advisers relying on trail commission should be "long gone now," and urged any businesses still rel...
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