FCA set to widen commission ban

The Financial Conduct Authority (FCA) will lay down a marker to the financial services industry by widening the scope of the incoming commission ban on retail investment sales, according to a report in The Independent.

According to the paper, Martin Wheatley - who will become chief of the FCA when it takes control of financial regulation next spring - will use his first major speech to the City to outline a tougher approach to regulation. He will say the new watchdog will seek to avoid commission-driven mis-selling scandals, such as that surrounding payment protection insurance (PPI). Part of the move will involve widening the clampdown on commissions to all financial products, not just investment-related sales. Rules set to be introduced at the end of the year following the Retail Distribution R...