The Association of Independent Financial Advisers (AIFA) today hit back at the ABI, claiming....

The Association of Independent Financial Advisers (AIFA) today hit back at the ABI, claiming there is no evidence to suggest payment by commission significantly biases consumers.

Commenting on the ABI paper 'Financial Advice: How Should we pay for it?' AIFA director general David Severn said he was "deeply perplexed" as to why the ABI feels the need to intervene when the ABI's own research made clear it was unnecessary.

“The timing of the ABI's paper is remarkable for the fact that the FSA has just introduced the “menu” to help consumers gain a better understanding of the cost of advice, and the payment options – fees or commission – open to them,” he said.

According to Severn: “The most sensible option is to give the “menu” time to work, as this will help consumers understand the cost of advice - benefiting them and the industry in the long term.”