Will a ban on legacy commissions create positive consumer outcomes?

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The Consulting Consortium client services director Ian Stott asks will a ban on legacy commissions create positive consumer outcomes?

It is clear that the FCA remains concerned about the continuing payment of legacy commissions and the potential impact this might have on positive consumer outcomes. However there are two sides to this argument. There could be strong reasons for not advising a client to switch to a replacement product that doesn't carry trail commission, for example, a bond where the tax implications might mean that a client would be disadvantaged for surrendering part or all of an existing investment. On the flip side, there may be many retail investors, advised by financial advisers that are simply ...

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