Most consumers believe the term ‘independent' refers to advisers who are able to choose products from the whole of the market, according to research from Unbiased.co.uk.
The FSA’s Retail Distribution Review has proposed that the term ‘independent’ should be reserved for advisers who agree payment terms with the customer rather than the provider, regardless of the range of products on offer. However, the Unbiased.co.uk research found that 67% of consumers thought independent, in the context of financial advisers, meant the ability to have unrestricted access to the entire market. Only 8% of those surveyed believed independent meant the adviser does not receive commission. David Elms, chief executive of Unbiased.co.uk, says: “Many published pieces of resea...
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