Small firms 'hanging on' to trail income, says consolidator

Stephen Harper, whose business Attivo Group has bought six client banks this year and is shooting for double that in 2015, said that, depending on their circumstances, some small business owners are choosing to continue to receive the trail income for a little longer before doing a deal. The RDR banished commission on retail investment advice, but the regulator ruled that income due on business written prior to the new rules being introduced at the end of 2012 could continue unless new advice was given. However, a mass switch-off of fund-based legacy commission processed via platforms...