MoneyMarketing reports that Clerical Medical has stopped trail commission to quite a few independent financial advisers (IFAs). The British financial company, which is part of banking group Halifax Bank of Scotland (HBOS), justifies its move by saying that many customers no longer deal with their IFA.
www.searchifa.co.uk
MoneyMarketing cites a Clerical Medical spokesperson, who says customers have been telling them they no longer have an IFA and the move is to keep in line with the requirements of the Financial Services Authority (FSA).
I think Clerical Medical has shot itself in the foot over trying to grab a small amount of money. This might mean it is under financial presure. Who knows? The
Halifax share price looks pretty miserable at the moment.
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