Standard Life Investments (SLI) has written to financial advisers in the UK informing them that they will no longer receive renewal commission on SLI retail class shares from 31 March 2016. Those affected will be IFAs who advised business held directly with SLI before 1 January 2013. SLI believes that the changes will align the way the company treats legacy and new business. Some have accused SLI of engineering the change to enable them to pocket the difference, as the changes will see charges fall but not at the same level as commissions. The letter states that the changes reflects “the spirit of the Retail Distribution Review”.
[Source: International Adviser - December 11, 2015 - Kirston Hastings]
