Scottish Life says only 7% of its new regular premium individual business is written on a commission basis, with the rest fee-based.
The pensions arm of the Royal London Group says the majority of new business is now written through its Financial Adviser Fee, a customer agreed remuneration (CAR) model it introduced in 2003. Scottish Life says the percentage of investors opting for its CAR system has reached 93% - based on records between October 2007 and March 2008 - up from 50% in 2004 and 87% a year ago. It says the statistics suggest advisers and their clients “react positively to a fair and transparent fee-based remuneration structure” and is confident its model is close to that which will eventually be approve...
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