ABI's NPSS alternative eliminates commission

The ABI admits it agrees with Lord Turner, who, in a speech to the Confederation of British Industry (CBI), yesterday claimed a reduction in costs would require three changes, one of which is to eliminate “the need for large upfront commissions paid to IFAs”. As the ABI, the NAPF and the Investment Managers Association (IMA), among others, prepared to submit their NPSS alternatives to the government, Adair Turner suggested all the proposals would put forward a reduction in the upfront costs of scheme set up and advice. Jonathan French, a spokesman for the ABI, when questioned on cost pr...