RDR interim report: Advice and Sales break-up to bring clarity

It says only one type of adviser will create a “simpler landscape” for customers, with Sales defined as services that are 'strictly non-advised'. The regulator says Advice needs be independent, both in terms of status and in practices, with remuneration determined without product provider input and recommended products from across the whole market. Advisers would also all meet appropriate minimum professional standards. Along with the newly proposed Money Guidance service, the FSA says the distinction is “the starting point for further work”. The regulator says this "momentum" building...