Panel repeats commission abolition call

Financial Services Consumer Panel calls on the FSA to abolish commission on the back of its current retail distribution review

The Financial Services Consumer Panel has repeated its call for the FSA to abolish commission in a bid to end unfair selling practices. In the panel's 2006/2007 annual report, chairman John Howard repeated the panel's belief that many of the mis-selling scandals of recent years can be traced back to commission bias. "The removal of bias in the sales process could be one of the most important things the FSA could do for retail consumers," he added. The FSA is currently considering the future of commission in the Retail Distribution Review set up at the beginning of 2007. "If the review c...