The newly branded Association for Professional Financial Advisers (APFA) voted to accept restricted advisers at its annual general meeting (AGM) held yesterday.
The association also ratified the change in its name to the Association of Professional Financial Advisers (APFA) at the same meeting.
APFA will now represent financial advisers who are independent or restricted.
In addition, as part of elections to the council, Harry Katz stepped down and has been replaced by Alan Lakey (pictured) in the local category.
Chris Hannant, policy director at APFA, said: "APFA's new name and membership criteria are an important response to the changing regulatory landscape.
"It will allow us to continue our work providing the advice profession with a strong voice while championing the principle that professional advisers should first and foremost act for the benefit of their clients.
"It will also enable us to continue representing members affected by the rule changes in the Retail Distribution Review.
"We welcome Alan Lakey's introduction to APFA's Council. Alan is a passionate supporter of the advice profession, and will bring huge energy to the role."
The changes reflect the fact that some advisers might be operating independently of third-party providers but will be unable to call themselves independent because they do not offer whole-of-market services.
It also follows a similar statement made by the Solicitor's Regulations Authority (SRA) in July - the body will now allows referrals to restricted advisers. In addition, the Institute of Chartered Accountants in England & Wales (ICAEW) made the same pledge earlier this year.
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