17/11/2011 - Legacy Commission Ban Stays Say FSA

Legacy Commission Ban Stays Say FSALegacy Commission Ban Stays Say FSA.

Despite widespread industry opposition to the ban on legacy commission, the Financial Services Authority (FSA) plan to carry on with its ban on legacy commission.

The FSA has been holding discussions with the industry after it told trade bodies in March that trail commission could continue under the RDR, but legacy commission would be banned.

The regulator has compiled a guidance table which sets out whether various typical situations such as fund switches and increase to monthly Isa contributions would be able to pay legacy commission or not.