Finance minister Jeroen Dijsselbloem is to expand the ban on financial advisor’s charging commission to asset management and investment advice.

The ban was introduced for mortgages and life insurance policies at the beginning of this year. Advisors and banks must now charge clients a fee for advising them about their finances rather than commission on any policies they sell.

It is only ‘logical’ to extend the ban to other financial services, the minister said. ‘Working without commission gives insight into the costs and the consumer can be assured of getting fair advice.’