Bodies force EU change on commission.

Financial Adviser, January, 2008

UK associations have successfully lobbied against a European directive that would have prevented IFAs receiving a combination of fees and commission.

An 11th hour submission to MEPs from the Association of Mortgage Intermediaries and the Association of Finance Brokers, led to the change of the European Consumer Credit Directive.

The original provisions in Article 21 of the European directive would have prohibited consumers from paying inter- mediaries with a combination of fees and commission.

The amendments mean that consumers will continue to have a choice of payment methods as well as increased transparency of remuneration.

Robert Sinclair, director of the AFB, said: "Had the AFB not taken up the challenge of amending the Bill,...

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