Independence remains "a good term", an IFA says, but ongoing debate about what defines an ‘independent' practitioner could render it meaningless.
Alan Lakey, a protection and mortgages specialist at Hertfordshire-based Highclere Financial Services, says the term ‘independent' has been steadily "losing kudos" since de-polarisation in 2003. Current RDR proposals, he adds, mean there could be instances where advisers who are, by definition, whole of market could be forced to drop the independent tag. But he asks: "Would that be such a bad thing?" In June's RDR Feedback Statement, the FSA outlined the requirements for independent advisers. It said they must provide a "fair and comprehensive analysis" of the market as well as writte...
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