Advisers take optimistic stance as sunset clause draws near

Most advisers are confident their business will be prepared for the upcoming switch-off of fund-based trail commission, according to a poll which contradicts other research conducted on firms' readiness.

Some 80 of 89 advisory firms polled by platform FundsNetwork declared they were either ‘very' or ‘somewhat' confident they will have moved clients to a fee arrangement by the April 2016 deadline. Last year, the Financial Conduct Authority (FCA) banned platforms from retaining rebates - which helped support the payment of commission to advisers - on new business. On 6 April next year, the ban will be extended to existing business under the so-called ‘sunset clause'. According to FundsNetwork's research, 85% of respondents stated they had identified the clients that are not on fee arran...