FCA finds restricted advisers operating under IFA banner

The findings come in an early review of how advisory firms have implemented some of the core aspects of the RDR, which was introduced on 31 December last year. Based on a sample of 50 firms, it found that most had made progress and it said it had identified a willingness among them to adapt to the new rules. However, as well as finding some firms incorrectly describing themselves as independent, it said it was also concerned by some advisers providing charges in percentages, rather than cash terms, which some consumers found confusing. It also said some firms were not clearly expla...