FCA issues fresh warning on broker remuneration

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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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