Commission Challenge

Article by James Phillipps in Corporate Adviser, September 2009

The industry will need to come up with new remuneration models post-2012.

Although a number of question marks remain over how the retail distribution review will be applied to the group pensions market, it is clear that the spotlight is being firmly shone on commission and disclosure.

Clive Grimley, a partner at Barnett Waddingham, said his firm may switch to charging on a time-cost basis as the RDR forces advisers to clearly demonstrate what they are doing to justify their remuneration. Similarly, Hames notes that the onus will be on intermediaries to detail what services they are providing and he says that by approaching insurers jointly with employers they could potentially negotiate more realistic fees.

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