Netherlands Bank paper trials ban on commission

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A working paper published by the Netherlands Bank, on September 13, analyses the impact on the quality of financial advice when commission payments to financial advisers are prohibited.

The model used by the author, Janko Gorter, allows financial institutions to advise customers on product suitability directly, as well as via market intermediaries. The results of the ban crucially depend on customer alertness about the incentives behind advice, the paper says.

Naïve customers believe all

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