D
Dan Murray
Guest
Quick initial question, is the re-imbursement of commission to clients allowed under the Consumer Protection Code?
Without re-reading the code, I cannot remember reading that it is not allowed. It should be declared to the Revenue as income. That is the clients responsibility, not the advisors.
Steven
I had hoped for a detailed answer to my queries. Ok, just kidding!!, thanks again for taking the trouble to provide such a detailed response.
I will review again your full post in more detail later.
Just one point for now - my understanding from an adviser that I was dealing with is that he simply was prohibited from returning commissions to me (his client). In correspondence I received from this adviser, it stated: Under the Consumer Protection Code, I am prohibited from paying or sharing a fee or commission in respect of regulated financial services to individuals or entities (unless those individuals or entities are also regulated financial services providers themselves).
So - can anyone clarify this? Can commission be rebated to a client or not? [I appreciate that the Revenue should be made aware of commission rebates].