The UK's Financial Service Authority has today published new rules as part of its Retail Distribution Review, that will require advisory fees to be agreed with clients and stop asset managers paying banks for a place on their investment platform, thus eliminating the potential for so-called kickback payments.

The new rules - set to come into force at the end of 2012 - aim to put the customer in charge by providing them with vital information about the cost and nature of the advice they are receiving. Firms will have to be upfront in negotiating charges for their services. They will not be able to bundle the cost of advice into the cost of a product.