In our second article on the likely effect of an EU-wide commission ban, Sybil Yorke probes cause and coincidence in the UK’s post-ban retail market.

UK financial advisers returned from their 2012-13 Christmas break to a very different world. Those, that is, who returned at all. On 1 January, the Financial Services Authority (FSA) banned sales commission on investment products as part of its Retail Distribution Review (RDR). In the run-up to RDR, banks and insurance companies in particular had cut thousands of adviser jobs, especially for small and mid-sized portfolios. Providers of less mainstream investment products feared the resulting &

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