France, Germany and Italy are fighting against introducing a complete ban on commission in their financial services industries despite pressure from the EU, according to Michael Lodhi, chairman of Luxembourg-based Spectrum IFA Group.
Speaking at the International Adviser Future Advisory Forum Europe roundtable in London on Wednesday, Lodhi said the three countries, considered the most powerful of the 28 EU member states, are using the Insurance Distribution Directive (IDD) to fight banning the commission-based models prevalent in their financial services industries. “If we’re talking about IDD, where each nation state is allowed to decide whether to bring in a commission ban or not, my information is that the French, Germans and Italians, powerful nations in the EU, are against any form of commission ban,” he explained…
[Source: International Adviser - by Monira Matin - September 21, 2016 ]
