He added: “In theory, what has the potential to be better for a consumer, at least in some ways, ends up being worse in most.
“It can certainly make it more difficult to move a client, mainly because they will likely feel more of a sense of loyalty.”
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This was opposed to fully independent advisers who would soon move their clients if they felt there was a detriment to them, Mr Morris added.
imogen.tew@ft.com
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