News Details

25 Jun, 2010

RIP Commission for GPP's

The Financial Services Authority has published final rules confirming the ban on commission for sales in the Group Personal Pensions market from 1 January 2013. The rules will apply to all sales regardless of whether they are made through advice to individual employees, or through employer schemes. The concept of 'consultancy charging', where the costs of pensions advice and other services to employers must be agreed with the employer, but can be obtained from employees' GPP accounts, in a similar fashion to individuals' advice costs under Adviser Charging.

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