The introduction of a ban on commission for financial advice has led to a sharp drop in fees, market research group GfK says.

For example, home buyers are now paying an average of €1,700 for their mortgage advice, compared with around €3,000 in commission and fees before the ban was introduced in 2013, Gfk says.

The average financial advisor’s hourly fee has dropped from €122 to €107 as competition between brokers intensifies. GfK expects fees to drop further as new products are developed for which consumers themselves do more of the work.

While consumers may have benefited, financial advisors themselves say their income has gone down by an average of 20% since the ban was introduced and 98% consider the ban to be unfair.