Financial advisers face ban on commission sales

The Financial Services Authority said from the end of 2012, firms would no longer be able to accept commission in exchange for recommending specific products.

It said the change would remove the commission bias from the sales process, and would give consumers the peace of mind that the product being recommended to them was the one which best suited their needs.

Firms will also have to be upfront about how much they are charging for their services, and no longer hide behind the cost of the product being sold.

FSA director of conduct policy Sheila Nicoll said: "People need to know their adviser is acting in their best interests, and is well qualified."