Independent, restricted - or a third way?

Chief executive Derek Bradley said the Financial Services Authority (FSA) had caused confusion with how it defines the two terms. "Many years ago advisers and consumers understood the terms independent and restricted," he said. "The FSA no longer distinguishes between independent and tied advisers because some firms operate both. They believe independent means offering a comprehensive range of products whereas consumers have always understood it being products from the whole of the market. "Post-RDR the thinking is a number of firms will reluctantly realise this term will slip away...