New brokers’ rules will only penalise potential clients

A hospitality ban is good, but removing the ability to call yourself ‘independent’ if you only charge via fee misses the point

Last week, the Central Bank published details of a range of new rules that will cover the relationships between financial brokers and the banks and financial firms they deal with.

While the bank decided not to ban commissions for brokers under the new rules, which will come into effect next March, it did put a stop to things such as brokers accepting free hospitality.

It also sought to increase transparency and restrict the ...