That's good news, Marc.
But . . . while they may be prevented from using the word 'independent' before the words 'financial adviser', they may well skilfully insert it into their website blurbs so as to create the impression in the minds of innocent readers that they are IFAs.
My concern is that if the IFAs are denied commissions - or part commissions - then the cost of financial advice is going to go up by many IFAs.
Many IFAs already sport an income model like so:
1. Fee for the client's financial plan, research and advice services.
2. Commission on a product arranged for the client it was recommended to.
3. Administration charge for completing paperwork on client's behalf.
4. Monthly/annual retainer to monitor client's investment portfolio and general situation.
Websites of IFAs often quote administration charges of ~ €75 per task.
I find this very dear for just basically completing policy or pension scheme forms.
(Can a client step in here and say he'll do his own form completion ? Or would this nullify the IFA's claim for commission ?)
I am sure that the administration Marys who actually do this work aren't paid this amount for their labours
.