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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