RDR: AIFA slams 'independence' definition

Responding to today’s Retail Distribution Review, AIFA director general Chris Cummings says: “If the term independence is to retain any value, it must be linked to the adviser’s ability to advise across the whole range of products available in the market with no contractual ties to any products. "Otherwise we could be in the absurd situation where a direct sales person is able to hold themselves out as independent even though they are advising on a limited range of products.” The RDR this morning set out the findings of five working groups looking into the regulated financial services i...