'Restricted' advisers must make clear their limitations both in writing and orally using a "specific" script before any advice takes place, the FSA suggests today.
In its RDR Consultation Paper, released this morning, the regulator says restricted advisers - all those who do not meet its criteria for independence - will need to include the term 'restricted advice' in their ID documents. Additionally, they will have to use a "specific form of words" when explaining their limitations orally, even offering an example script. However, the proposals remain suggestions only and the FSA adds firms may be allowed to choose how they explain their limitations. Elsewhere, the paper says adviser charging rules will be required for all firms offering advi...
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