Steve Webb's move to ban commission and active member discounts is a ‘seismic' shift for providers and will drive a completely new business model for advisers, Aviva has said.
City stockbrokers are considering lodging an official complaint after the government's decision to reject the majority of applications for Royal Mail shares cost them millions in lost commissions.
The Financial Conduct Authority (FCA) has welcomed the parliamentary commission on banking standards' (PCBS) recommendations for reforming the banking sector.
The Financial Conduct Authority (FCA) is not seeking to pile more pressure on adviser firms already under financial strain by investigating payments they may receive from providers, its director responsible for supervising advisers said.
Clubfinance, the discount broker and low-cost investment platform provider, has completed the acquisition of the client bank of Ivan Massow's Paymemy business, and is writing to clients pointing them to advice channels.
Entrepreneur Ivan Massow's controversial trail rebate firm has gone out of business because "it made a loss every time" it paid commission back to a customer.
The Financial Conduct Authority (FCA) is stepping up efforts to clamp down on firms' financial incentives schemes in a bid to mitigate the risk of further mis-sellings of products.
Advisers and providers reiterated the "catastrophe" that would befall the advice sector if the incoming Financial Conduct Authority (FCA) read across a ban on commission in the retail investment market to protection.
Financial advisers and regulators around the world are looking to the UK's Retail Distribution Review (RDR) as the model to follow for good practice, according to Phil Billingham.