SIFA, a body aimed at promoting collaboration between solicitors and independent financial advisers, has clarified its membership eligibility rules to reflect changes to the definition of IFA.
SIFA said it will be welcoming membership applications from ‘restricted whole of market' advisers and, in order to avoid confusion, will change the wording on its logo from ‘Solicitors Independent Financial Advice' to ‘Supporting Impartial Financial Advice'. It said it had always insisted only IFAs be eligible for membership but that, due to changes to the definition of independent advice following the Retail Distribution Review (RDR), it would alter its membership criteria. "The Financial Services Authority has re-defined the word ‘independent' in such a way as to place greater empha...
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