FCA boss to clamp down on commission-led sales
Commission payments on all financial products are to be severely curtailed by the new financial regulator.
The Independent has reported that Martin Wheatley, who has been appointed as chief of the Financial Conduct Authority, which comes into force in 2013, plans to reveal these plans in his first speech to the City tomorrow.
The Financial Services Authority (FSA) has already banned commission payments to financial advisers under the retail distribution review, but according to the article Mr Wheatley intends to implement changes which will affect the sale of insurance policies and mortgages, as well
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