Landmark financial advice shake-up takes effect
finance: A landmark shake-up of the financial advice market has taken effect, forcing advisers to spell out their costs to customers and cutting the risk of mis-selling.
New rules will put an end to financial advice that has appeared to be "free" because advisers have previously taken a cut of the sum being invested by the customer via the company providing the product.
As of yesterday, financial advisers are banned from simply taking commission payments from product providers.
Instead, they must clearly explain to the customer up front how much advice will cost and agree how the customer will pay for it.
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The changes should end an apparent "Del Boy" perception of the industry by some people.
A survey from financial planning business plan recently found that the market trader from Only Fools And Horses is the fictional character that people believe best personifies financial advisers.