TSC v FSA: We will take action on commission flouting

In today's TSC public evidence hearing, Conservative MP Mark Garnier asked FSA director of conduct policy Sheila Nicoll what the regulator is doing with regard to policing the churning of trail commission. "This is one of the risks we have identified and are looking at in our supervisory activity," she said. "If we find firms flouting these rules by taking trail commission inappropriately we will take action." She added smaller firms will be monitored through the examination of "trends" and return data. Garnier also raised the point firms could find alternative ways of receiving co...