The FSA has said advisers will be responsible for telling platforms and providers where new advice has been given on pre-RDR products - but is this workable in practice?
Last week, the FSA put long-suffering advisers out of their misery by publishing its final rules on the post-RDR treatment of legacy assets. Unquestionably, it was the regulator’s decision to allow trail commission on fund switches within life policies – even when new advice has been given – which grabbed the headlines. But another aspect of the rules also triggered debate – a requirement placing the onus on advisers to inform platforms and providers when new advice has been given on products set up pre-RDR, and through which the adviser is still taking trail commission. Intermedia...
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