The Financial Conduct Authority (FCA) chief executive has said he is happy with the outcome of the Retail Distribution Review (RDR) but is still worried about the way advisers charge fees, especially if they are based on a percentage of assets.
Martin Wheatley told delegates at the Financial Service Authority's last annual conference this morning that he was worried about advisers charging their customers fees based on a percentage of their assets as it may not entirely comply with RDR's aims. He said: "In some cases, firms are charging a percentage of product investment, and clearly it takes away product bias in the sense that we are no longer seeing firms recommending particular products because of the payment that comes to them. "But it does not take away dealing bias, because if you only get paid if people buy a product...
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