commission

Jane Wheeler, president of the Institute of Financial Planning, believes the fact more advisers are making the transition to a new advice model is giving the organisation momentum in its vision to develop financial planning in the UK.

Commission-based remuneration must remain available if the industry is going to help close the savings gap, says IFA firm Positive Solutions.

The chief executive of Equitable Life has suggested the management board in charge of the insurer when it collapsed "may have been incompetent".

Senior industry figures have little enthusiasm for the treating customers fairly initiative, according to attendees at a debate held by Watson Wyatt.

The retail distribution model is in question because of its lack of transparency, rather than its use of commission, says Brett Davidson, managing director of FP Advance.

Criticisms of the retail financial distribution model by the Financial Services Authority and the Ombudsman Service, particularly over the use of commissions, have provoked a flurry of angry responses from IFAs.

Criticisms of the retail financial distribution model by the Financial Services Authority and the Financial Ombudsman Service, particularly over the use of commissions, have provoked a flurry of angry responses from IFAs.

Banning commission would put financial intermediaries under increased pressure and could potentially put them out of business, IFAs have said.

Prudential is changing its distribution model to favour intermediaries who want to move away from initial commissions to fees and 'factory gate' pricing.

Chief ombudsman Walter Merricks has raised concerns commission disclosure market practices are 'fundamentally flawed' and are at odds with basic legal principles.