Anthony Carty asks: As long as a firm is doing this properly, does being restricted or independent really matter any more?
It's safe to say the retail advice industry has come a long way since the major conflicts of interest that were exposed during the early 1980s. Back then the clear need for guardrails led successively to the Financial Services Act, Treating Customers Fairly (TCF), the Retail Distribution Review (RDR), Product Intervention and Product Governance (PROD) and lately Consumer Duty. Alongside these developments, firms identified themselves according to a duality set by the regulator: they are either ‘independent financial advisers' or ‘restricted advice firms'. These will be familiar terms for...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
