20/01/2012 - Legacy Commission Ban Will Hit Ongoing Service
Legacy Commission Ban Will Hit Ongoing Service.
The FSA defines legacy commission as additional commission that may become payable on legacy assets where there has been a change or addition to the product or investment after the RDR.
According to Steven Cameron, head of regulatory strategy at Aegon, there has been an increase in advisers looking to build a sustainable business model which remunerates them for ongoing services to their customers. If the FSA were to require future commission on existing assets to be switched off, these advisers will be particularly penalised.
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