Firms offering restricted advice are spreading "propaganda" about the apparent difficulties of meeting the Financial Services Authority's (FSA's) new independence rules, according to consultant David Severn, a former head of investment business policy at the FSA.
Severn, also previously a director-general of the Association of IFAs (AIFA), and now of David Severn Consulting, made his comments in a submission to the Solicitors Regulation Authority (SRA), which is consulting on whether to permit referrals to restricted advisers. He claimed the SRA was being ‘hoodwinked' into thinking that allowing restricted referrals, to reflect the changing statuses brought about by the Retail Distribution Review (RDR), would help it to meet its outcomes-focused approach. In his detailed submission, he explained why most firms which are currently independent s...
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