Pat O'Hara is not on board with the restricted model
Hargreaves Lansdown moves to restricted advice model
Hargreaves Lansdown is to drop the independent status of its financial advisers in favour of going restricted, and is overhauling its charging structure.
Restricted advice group Towry is evaluating its house view on structured products and investment trusts following its acquisition of national IFA Ashcourt Rowan, in a move which could see the combined business registered as independent.
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.
The debate about whether changes made to financial intermediation following the Retail Distribution Review (RDR) would herald a shift towards 'restricted' advice may have been settled, according to the experiences of one national business.
Seven golden rules to buying an IFA practice
An IFA has left network Intrinsic after he felt he was being nudged towards adopting a restricted proposition.
Support services provider Simplybiz has seen a 10% increase in profits in the first year post-Retail Distribution Review (RDR) while 2% of its members have left the industry.