AIFA has today released the third paper in its RDR Issues series, entitled The Meaning of Independence, which says changing the definition of independence could damage the independence brand.
The report also says tied and multi-tied agents should not be allowed to use the independent brand, while general financial advisers (GFAs) should be allowed to use the term independent. Current proposals in the Retail Distribution Review would mean that only professional financial planners (PFP) would be able to use the independence label, regardless of whether they offered whole-of-market advice. However, AIFA says being able to offer whole-of-market advice is an essential condition for independence. AIFA is also concerned that primary advisers would be able to use the term independe...
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