Financial advisers in the UK may be required to record phone calls to clients under the Financial Conduct Authority’s (FCA) proposals regarding Mifid II, which also looks at extending the RDR commission ban for portfolio managers.
France, Germany and Italy are against introducing a complete ban on commission in their financial services industries despite pressure from the EU, according to Michael Lodhi, chairman of dual headquartered Paris and Barcelona-based Spectrum IFA Group.
Regulation is moving at such a fast pace that within five years all financial services markets around the world will ban commission and implement an RDR-like regime, Jasper Berens, head of UK funds at JPM Asset Management has predicted.
Hansard International has launched a bond offering a zero commission option for financial advisers recommending single premium products to clients.
Australian financial advisers JBWere, a unit of National Australia Bank (NAB), plans to revamp its remuneration structure and cut adviser commission rates in line with changes in the domestic and global regulatory environment.
Consumers will go on being hurt financially until commissions on life insurance are banned in Australia, and a rigorous code of conduct is in place, says Industry Super Australia (ISA), an umbrella organisation for the retirement savings industry.
The Australian government has introduced new legislation to regulate commission payments made by life insurance companies to financial advisers.
Global asset management firm Legg Mason has announced plans to cut out trail commissions on its UK authorised funds effective from 1 April 2016 in line with the rules set down in Retail Distribution Review (‘RDR’).
A return to commission payments would be a huge step backwards and contrary to the retail distribution review, said industry leaders after the Financial Conduct Authority’s (FCA) interim chief executive failed to rule out a return to commission payments.
Standard Life Investments (SLI) has written to financial advisers informing them that they will no longer receive renewal commission on SLI retail class shares from 31 March 2016.
The Monetary Authority of Singapore has delayed the 55% cap on commission financial advisers receive from the sale of life insurance policies a year after the industry asked for more time to implement the changes.
The vast majority (88%) of Canadian investors would like to determine for themselves how they pay for financial advice after indications that banning third-party commissions in the UK and Australia has led to an advice gap.
