The Financial Services Consumer Panel is attempting to get rid of commission on products, and replace it with a payment system to do away with product bias. They say that they have begun talks with lobbying and industry groups, and aims to present the Financial Services Authority with an alternative payment system by April 2007.
They believe that the preferred option would be a system where the cost of the advice is explained to the customer at the outset, but factored into the price of the product, rather than in an up front fee.
Our view
At last, a maximum commission schedule! We suggested this five years ago! We believe this could operate in a similar way to what solictors are required to do e.g. for home moving, where the maximum costs are set by the Law Society.
has ALWAYS operated on a an agreed fixed fee schedule with clients based upon time involved and liability.
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