Future of Financial Advice series: ban on conflicted remuneration
This update is intended as a general overview, targeted specifically at claims officers and underwriters of insurers of professionals required to comply with the Future of Financial Advice (FOFA) reforms.
Conflicted remuneration has a broad definition. It includes commissions and volume-based payments, in relation to the distribution of and advice to retail clients. It also includes non-monetary benefits.
The ban applies to both general advice and personal advice; however, there are specific carve-outs for remuneration provided in relation to general insurance, basic banking products and life risk insurance products…
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