There is a place for a return to commission in some form and it may help to overcome some of the imbalances in the current system, some advisers have suggested.

The prospect of commission being reintroduced has been raised as the Financial Advice Market Review takes place.

With speculation that a return might be recommended by the panel conducting the review, the FCA’s interim chief executive Tracey McDermott appeared not to rule out such a move in a radio interview, though the regulator later insisted that it was not the case.

Intelliflo surveyed advisers to find out their views and found more than a third (36% of 203 advisers who took part) thought it may be a good idea but it would depend on which products it related to and how it has to be implemented.

Almost one in 10 (8%) said they thought it was a very good idea.

Peter Harrington, from Hodge Bakshi Financial Services, said: “Commission has a place for the lower net worth client who can’t pay what it costs me to carry out a review. If commission is brought back it must be capped – the old days of 7% is too high.

“I would consider adapting if the review creates opportunities for offering advice to people with less than £50,000 to invest in a profitable way. Robo-advice is interesting, as is the ability to charge commission for certain products.”

Peter French, from Integrity Wealth Management, said: “The RDR has left us with a broken system. It introduced one model that favours those with significant amounts to invest and has left those on low incomes and small savings out in the cold. Bringing back some form of commission may help to redress the balance.”

Richard Wheatley, from OneLife Wealth Advice, said: “Clients will be charged for the level of advice provided and what we decide to call the method of settlement of those charges is missing the point. Clients have to be charged for the advice provided and those charges need to be settled, whether we decide to call that settlement fee or commission is irrelevant.”

He added, however, there were negatives to the possible move, saying: “I fear that a relaxation in the commission rules could lead to a return of the bad old days of commission-hungry sales people.”

Around a quarter (23%) said they were unconvinced the reintroduction of commission would be in the best interests of consumers.

Some 27% said they thought it was a bad idea for commission to be reintroduced and would be a backward step for the image of advisers.