FSA confirms trainees will not affect firms' independence

Concerns over the new definition of independence, which will come into effect after the retail distribution review (RDR), had been raised by some advisers. An FSA consultation on independent and restricted advice, published in February, states that all the personal recommendations made by a firm must meet the standards of independent advice in order for the firm to hold itself out as fully independent. If the firm offers both restricted and independent advice, it must make this clear to consumers and not hold itself out as independent, the FSA said. However, Phil Young, managing di...