ING has confirmed that it is still paying trailing commissions to many financial advisors who had handled investments in the NZ$520 million Diversified Yield Fund (DYF) and its Regular Income Fund (RIF). ING spokeswoman Cynthia Church told interest.co.nz that ING had agreed to rebate its own fees back into the funds, but was still paying trailing commissions out of its own pocket to some financial advisors who had opted to keep receiving such commissions. Some had opted not to receive the commissions on the grounds that their clients could not access the funds, but others had argued they were working hard monitoring and explaining the situations to their clients and therefore deserved the trailing commissions, Church said. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.
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