New Commission Rules Won’t Stop Mis Sold PPI
Financial News: The Financial Services Authority (FSA) is going to stop commission payments to financial advisers for the sale of investment policies. Many industry commentators are touting this as ‘big deal’ because many believe it was the commission and hefty sales targets that led to the mis-selling scandals.
The change will come into effect from 2012 and will ‘remove commission bias’ from the sale of financial products such as investments, pensions, annuities and unit trusts. But the FSA have stopped short of applying the new rules to insurance products and in doing so have made no effort to cutail mis sold PPI and similar scandals. Now, instead of shifting policies and counting the profit, providers will now have to be upfront about how much they charge while being clear about the cost of their advice.
mis sold ppi
03.03.11
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