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Brokers’ commission must be ‘reflective of the value’ provided to customers, says FCA

By 2022-05-13T10:15:00

price, value

The regulator’s executive director of consumers and competition emphasised that brokers must not recommend a product based on their own remuneration, although ‘high prices may sometimes be appropriate’

The FCA’s executive director of consumers and competition, Sheldon Mills, has warned brokers that their commission must be “reflective of the value that you provide to your customers” ahead of the implementation of its Consumer Duty principle in April 2023.

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