In a survey conducted by Midlands radio station BRMB on behalf of IFA Promotions, (the Independent Adviser Lobbying Group), 60% of consumers said that they were happiest when paying for advice by commission rather than fees. This rose to 70% of people who were less well off.
What is the debate? The Financial Services Authority (FSA), the industry regulator, has issued a proposal that Independent Financial Advisers may have to agree and charge a fee for their services whereas other types of adviser such as those that can only advise on or sell one type of company's products will not have to quote a fee. This, we believe, is an unfair playing field.
Want to know more about the debate and saving Independent Advice i.e you having choice?