FCA issues fresh warning on broker remuneration
Regulator issued new guidance on how brokers and providers can best serve customers.
The Financial Conduct Authority (FCA) has warned brokers regarding remuneration practices.
Guidance published by the FCA yesterday (19 November) stated that remuneration – including commission, profit sharing, fees and other benefits – should be collected in accordance with the ‘customer’s best interests’ rule.
The regulator highlighted that this rule bars remuneration which incentivises a broker to offer a product that is not consistent with a customer’s needs or a product where remuneration
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