The Financial Services Authority has published its long-awaited guide for consumers on the changes coming about through the Retail Distribution Review (RDR).
It stresses that advice has "never been free", adding the changes "do not affect how much the advice should cost".
Another key part of the guide explains the difference between independent and restricted advice post-RDR.
It says: "From 31 December 2012, if your adviser says they are independent, this will mean they are able to advise on all of the types of products that you could invest in.
Read the FSA's consumer guide to RDR
"If not, this means that they will be offering ‘restricted' advice.
Restricted advisers will either specialise in specific areas, such as pensions or offer limited advice on a smaller range of products. Your adviser will have to explain to you what they can advise on."
The guide also addresses issues such as qualifications, claiming consumers will get a "higher level of expertise" due to raised professional standards.
Click HERE or on the image below to see the full guide.
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