Rules around ‘independent' and ‘restricted' labels are confusing advisers, the FCA has admitted. Carmen Reichman finds out how to resolve the problem
What's in a name? Well, quite a lot when it comes to the advice market. While the Financial Conduct Authority (FCA) thought it had made its position "reasonably clear", this week it admitted some advisers remained confused about what makes them independent or restricted. However, FCA director of long-term savings & pensions Nick Poyntz-Wright said any renewed communication effort would effectively be "restating what we believe we've already said". Speaking at a roundtable update on the Retail Distribution Review (RDR), he said: "We are hearing the confusion around what [restricted]...
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