Commission singled out by Sandler and Myners

duo give evidence at the Treasury select committee's inquiry into long-term savings

Mis-selling scandals will continue as long as commission-based remuneration exists in the market, Ron Sandler and Paul Myners told the Treasury Select Committee last week. Sandler attributed the UK's long-term savings problem to complex and opaque investment products, an ill-informed, weak consumer and an advisory community that has conflicting interests due to its remuneration arrangements. He said: "A commission-based system, irrespective of whether it is a tied agent or an IFA, will always be prone to the less ethical trying to circumvent the process to make a sale that may not be appr...