IFA says term 'independent' has lost meaning

Scott Sinclair
clock

Independence remains "a good term", an IFA says, but ongoing debate about what defines an ‘independent' practitioner could render it meaningless.

Alan Lakey, a protection and mortgages specialist at Hertfordshire-based Highclere Financial Services, says the term ‘independent' has been steadily "losing kudos" since de-polarisation in 2003. Current RDR proposals, he adds, mean there could be instances where advisers who are, by definition, whole of market could be forced to drop the independent tag. But he asks: "Would that be such a bad thing?" In June's RDR Feedback Statement, the FSA outlined the requirements for independent advisers. It said they must provide a "fair and comprehensive analysis" of the market as well as writte...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Feel Good Friday: Quilter Foundation sponsored charity hosts 'wishmas'

Feel Good Friday: Quilter Foundation sponsored charity hosts 'wishmas'

Event was made possible with £10,000 donation from Quilter

Professional Adviser
clock 29 November 2024 • 1 min read
Independent or restricted: What's in a name?

Independent or restricted: What's in a name?

Shifting the focus to 'regulated advice'

Anthony Carty
clock 28 November 2024 • 4 min read
Platform service worsens as cost of living spurs clients to move assets

Platform service worsens as cost of living spurs clients to move assets

'People are needing cash more than ever right now'

Sahar Nazir
clock 28 November 2024 • 2 min read