Return to commission would 'kill off' platforms

Wind clock back ten years

the lang cat consultancy's Mike Barrett has warned a mooted revival of commission payments in some form would create huge problems for the platform industry.

Earlier this year, interim chief executive of the Financial Conduct Authority (FCA) Tracey McDermott (pictured) said she would "not rule out" a return to commission in the future on certain products. While subsequent reports have suggested her comments were taken out of context, they have reignited the debate about adviser charging models. Commission was banned under the Retail Distribution Review (RDR), implemented at the end of 2012, with financial advisers moving to an adviser charging model instead. However, several responses to the current Financial Advice Market Review (FAMR)...