If a client who has paid for their advice through commission and that commission is on a trail, or non-indemnity basis, it is a contract between the provider and adviser.
As far as I am concerned, not even the FCA can overturn a contract in law and if any of my trail is stopped as a result of yet another ill-advised action against the IFA/adviser community, I will go to law to get redress.
It is about time the FCA acted with some of the integrity it expects from the advisers it regulates, but appears not to be willing to do so.
As an example, just look at the double charging for consumer credit licences that is being perpetrated upon us, for no good reason. And so it goes on, a regulator who acts above the law, but expects us to abide by it, even though the FCA deny us redress in a court of law. Double standards and worse for far too long, it has to stop.
DPB Independent Financial Services