FI believes that independent financial advice would play an important role on the savings market, since consumers are at an information disadvantage in relation to producers of saving products while at the same time having to take more responsibility for their financial future.
The advice that is currently offered is influenced by incentives other than what is best for the customer, such as commission from producers. FI is therefore advocating a ban on all commission in conjunction with investment advice, portfolio management and mediation of life insurance that has elements of saving.
Because FI has observed problems related to commission-based advice in its ongoing supervision over a period of several years, it has recently conducted a number of industry-wide surveys and analyses of commission income and the distribution of savings products. The purpose of this report is to present the conclusions from FI's analysis of the consequences of a broad ban on commission.