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The FCA, remuneration and incentives
Industry experts have lambasted remuneration councils and stated the need for changes to executive bonuses in financial services.
The FSA is consulting on whether to extend its code of remuneration practices, designed to clamp-down on bank excesses, to retail investment intermediaries.
The FSA has written to the chief executives of the UK's banks, asking them to examine their firms' policies on remuneration.
Safe Home Income Plans (SHIP) has updated its certificate for members, which it says will provide better customer protection.
Advisers are moving away from initial commission towards fees, Skandia sales over the last two years suggest.
Scottish Life says only 7% of its new regular premium individual business is written on a commission basis, with the rest fee-based.
FSA chief executive Hector Sants used a recent speech on IFA reward schemes to take a swipe at commission-based remuneration, according to law firm CMS Cameron McKenna.
Customer agreed remuneration (CAR) will probably succeed in establishing a sustainable model in the marketplace, according to Scottish Life.
Widespread adoption of the factory-gate pricing model by adviser firms is "probable" following the conclusion of the Retail Distribution Review, says Winterthur.
The traditional commission structure of the adviser market is evolving with IFAs opting for more varied ways of being paid, according to Skandia.
There have been a few developments recently which have put the spotlight on the relationship between the client and the adviser and, more specifically, ownership of the client between the provider and the adviser.
Thinc Group is introducing a radical remuneration structure which offers financial advisers "a dignified exit from the industry" at retirement but requires those not bringing in enough annual revenue to change their status within the firm.
IFAs have been warned implementation of an EU directive next year could require financial advisers to work harder to prove commission remuneration enhances the service offered to consumers and should not be considered an inducement from providers.
The Financial Services Consumer Panel has laid down a challenge to the financial industry to change its entire culture and live up to its "treating customers fairly" requirements.
All financial services firms must do more to ensure customers are treated fairly, says the FSA, as its own scathing research suggests some advisers still recommend products according to remuneration prospects rather than the needs of the client.