Disclosing a ‘market average' of commission charges when providing a menu to clients could have an impact on whom advisers do business with in future, suggests Scottish Life.
Group head of communications at Scottish Life, Alasdair Buchanan says under new rules set out by FSA yesterday, some IFAs have clients whom they charge well above the industry average for services - for whatever reason. Even though these cases are infrequent and not in line with the company average, they still show up against the industry average, which will need to be disclosed going forward, says Buchanan. He adds this may force some IFAs to revaluate whom they do business with as they try to protect their company image. The FSA document released yesterday requires advisers to provi...
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