Simon Read: Insurers still 'bribing' advisers, says watchdog
Simon Read is Personal Finance Editor at The Independent. He edits the Saturday Your Money section and writes the Daily Money column and Wednesday’s Midweek Money section in i newspaper. He also writes for the news and business pages of the Independent and i newspaper and is a regular money commentator on TV station London Live. He has won numerous awards including Consumer Finance Journalist of the Year.
Thursday 19 September 2013
The financial services industry has been awash with what are effectively bribes for decades, whether it was the obvious generous commission, or the hidden inducements, such as slap-up dinners, foreign trips or boxes at the opera.
For advice to be effective and trusted it must be bias-free and the regulator hoped to stamp out the endemic payments with tough new rules.
The fact that some firms are still flouting them comes as little surprise: it's a massive change for the industry. But for the watchdog to be seen as effective and trusted it must act quickly and stamp out the rotten apples.
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