RDR: AIFA slams 'independence' definition

clock •

The Association of Independent Financial Advisers has criticised the FSA's suggestion that only fee-charging advisers can truly be called independent.

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Wealth M&A deals triple in six years as PE buyers dominate market

Wealth M&A deals triple in six years as PE buyers dominate market

PE buyers account for nearly three-quarters of deals

Isabel Baxter
clock 14 October 2026 • 2 min read
Dyer Baade & Company's Daniel Baade: £500m-£2bn AUA firms key battleground in wealth M&A's next phase

Dyer Baade & Company's Daniel Baade: £500m-£2bn AUA firms key battleground in wealth M&A's next phase

Fewer but better buyers

Daniel Baade
clock 13 October 2026 • 3 min read
Advice fintech on partnering with providers to target mass market

Advice fintech on partnering with providers to target mass market

Whistle looks at closing advice gap

Sophia Panayi
clock 13 October 2026 • 3 min read