Ending the addiction to commission

A high profile individual locally has just been thumped by his firm and deregistered, yet everyone locally knew what he was up to for some time, except, it seems, his own firm, the firm they are registered through, and those he was doing business with. Either they are blind, have selective eyesight or just do not know what fraud means, but none are a great outcome.

Tighter and stiffer regulation is required to ensure these people are taken out of the system and the fines should match to ensure that once again the clean professional IFA does not get the bill through the inevitable financial services compensation scheme levy.

Peter McGahan is managing director of Worldwide Financial Planning