Anger as FSA resolute on trail ban when clients switch IFA

They say the RDR directive "devalues" adviser businesses, will disrupt firms' expansion plans and could spell the end for IFA consolidation vehicles. In last month's RDR Policy Statement, the FSA said when a client changes adviser from 1 January 2013, any existing trail commission can not be transferred to the new IFA but should instead be paid to the client. This is because, it says, the new adviser "did not provide the service for which the commission was payable". It comes despite the regulator permitting the payment of trail from provider to adviser to continue on business writ...