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 res...
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