Towry Law fully supports the findings of the retail distribution review by the Financial Services Authority which include steps to improve consumer understanding of the services received, the abolition of adviser remuneration determined by product providers and an increase in the qualification benchmark for financial advisers.

The FSA, by these proposals, will explode the myth that commission-based advice is free. It isn't, it never has been and should never be. The old world of: "advice is free but the insurance company will pay" is over. Advisers going forward will be forced to show consumers how much their advice will cost and the consumer will have the opportunity to determine whether they consider that is value for money.