Firms already circumventing RDR commission ban, warns FSA

Brown envelope bribe
'Sizeable upfront benefits' in advance of RDR

Product distributors in the UK are finding ways to get around the ban on commission payments to financial advisers that comes into force as part of the Retail Distribution Review (RDR) at the start of next year, according to the Financial Services Authority (FSA).

The UK regulator has sent a letter to 24 product provider and advisory firms outlining ways in which distributors have been trying to circumvent or pre-empt the commission ban and warning that this goes against the spirit of the RDR.

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