'There are other ways': Euro parliament rethinks commission ban

The European parliament is set to reject a ban on commission to independent financial advisers (IFAs) when it votes on MiFID II next week.

A previous draft of the directive would have implemented similar measures to the retail distribution review, although it would only have applied to independent advisers. However, the parliament's Committee on Economic and Monetary Affairs (Econ) has now removed all references to the ban, the Financial Times reports. Olle Schmidt, a Swedish MEP, Econ member and negotiator on Mifid, said: "If you introduce a ban, as in the UK, you can go too far. "It would limit freedom of choice for ordinary investors and those most in need of advice would not be able to afford it. A more balanced a...