A MAJOR shake-up of the financial advice market takes effect today, forcing advisers to spell out costs to customers and cutting the risk of mis-selling.
New rules will put an end to financial advice which appears to be free because advisers take a cut of the sum being invested by the customer via the company providing the product.
Financial advisers will be banned from simply taking commission payments from product providers. Instead, they must explain to the customer how much the advice will cost, and agree how it will be paid for.
We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis. If you're a relatively new user then your comments will be reviewed before publication and if we know you well then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules, which are available here.
Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.
