Abolishing commissions paid to financial advisers when they sell products would be the easy answer to preventing possible conflicts of interest, says the head of the Financial Markets Authority.
But Rob Everett doubts it will ever happen.
On April 1 the new Financial Markets Conduct Act came into force bringing in a new provision which makes it law for financial advisers to put the interests of the consumer first.
"That doesn't just require truthfulness. We'd expect that as a minimum requirement."
Everett said the act required financial services professionals to go much further, and ask themselves questions like: