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Old 31st December 2012, 11:38   #1 (permalink)
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Changes to Ins policy commissions

Quote:
Financial advisers and sales staff can no longer be paid commissions by the firms whose policies they are selling.
New rules, aimed at eradicating the long-standing practice, are being imposed by the Financial Services Authority (FSA) from now.
The aim is to stop policies - such as private pensions and investments - being mis-sold by sales staff, motivated by commission payments.
Instead, customers must be quoted up-front fees, and be told about charges.
Whilst this is a good move although some companies are already doing this and have been for years it is not a level playing field ..why dont they disclose what the top guys in management have been paid in bonusses as one way or the other the customer is paying for it. Once again those near the bottom of the ladder are being screwed and those at the top protected.
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