New regulations force paradigm shift in adviser business plans
Worries that revenue sources will dry up, as 2020 predicted to be the ‘year of consolidation’
Commission
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Momentum Pensions caps commission on life products
As it revises the acceptance criteria for its international Sipp
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How will commission cap revamp the UAE advice market?
Some believe change ‘will clean up the industry’ but others disagree
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Monumental legislation signed in the UAE
Circular 12 – now BOD49 – set to shake up financial advice in the region
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Aussie government to ban grandfathered commissions
In the latest blow to the financial advice sector
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Australia moves to shut down grandfathered commissions
Advisers have a month to respond to a consultation
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UAE regulator issues final ‘draft’ of life product sale rules
Indemnity commissions to be capped – not banned
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New Zealand life insurers pay most commission
NZ reserve bank said the high level of commission life insurers pay to advisers can create ‘conduct risk’
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DeVere pays $8m to settle hidden Qrops commission case
DeVere USA has agreed to pay an $8m civil penalty stemming from its failure to disclose upfront commission of 7% to clients who were encouraged to transfer their UK pensions via a Qrops, the US regulator has announced.
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FCA steers away from pre-RDR trail commission ban
The Financial Conduct Authority (FCA) has “no immediate plans” to ban trail commission on legacy investment products, it has announced in a policy statement that looks to shake-up the asset management industry.
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IFAs urged to ditch IoM life cos over commission disclosure
IFA firms should “wrest control” of their businesses from life companies based on the Isle of Man before the Conduct of Business Code comes into force, the director of Thames River International has argued. A move described by one industry source as “dodgy” and a “stain on the industry”.
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How the shift to ongoing commission impacts investment advice
In any service industry, the question of ‘when?’ can be just as important as ‘how much?’ when it comes to remuneration, explains Danny Knight, director at Old Mutual Wealth Multi-Asset.