Thousands of independent financial advisers, and up to half the IFA industry, are predicted to leave the business as a result of a planned ban by the City watchdog on commissions they receive for selling investments.

FT Money Podcast

Matthew Vincent, personal finance editor, on whether the new rules will mean a better deal for clients

In a radical overhaul of the rules governing IFAs, the Financial Services Authority said on Thursday that payments from fund managers and life assurers to advisers would be outlawed in three years.