The regulator has "completely messed up the definition of independence", said professional connections support organisation SIFA, as it claimed 95% of solicitors would still chose IFAs over restricted advisers.
SIFA director Dave Seager argued solicitors and clients do not understand what the regulator means by the term ‘restricted' and firms such as whole of market specialists - who are restricted by definition - risk missing out as professional connection partners continue to shun the 'restricted' label. Speaking to a group of advisers at a seminar organised by SIFA and Prudential, Seager suggested solicitors and accountants appreciate the higher levels of professionalism the Retail Distribution Review (RDR) brought to advice but would still not refer their clients to advisers they deem not t...
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