The United Kingdom is banning commissions for financial advisors at what will no doubt be one of many ripples felt from the mismanagement of the financial industry around the globe over the past 18 months.Â Here are some of my favorite parts:
- Industry professionals say the regulations will help clean up an industry plagued by bribery and corruption for years, the Financial Times reported.
- Financial advisors will have to tell their clients upfront how much the advice will cost, and give them the choice of paying for advice as a fee or having it deducted from their investments.
- â€œCrucially, the amount the adviser receives for recommending a product will be negotiated with the investor, and not determined by the product provider,â€ according to the newspaper.
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