'Independent' means no commission say 25%

Almost 60% of people surveyed believe ‘independent’ means advisers have unrestricted access to the whole of the market. Almost 70% believe IFAs must, by definition, be independent from financial institution influence or ownership. Two-thirds of people who have used an IFA say independent should only apply to advisers who search the whole of the market and 26% say independent refers to advisers who do not receive commission. Last month’s Retail Distribution Review (RDR) proposes ‘independent’ should apply only to advisers who are remunerated by fees regardless of the breadth of produ...