The label 'restricted' will apply to all advisers who do not meet the criteria to call themselves independent from 2013, but the FSA will not mandate the wording advisers use to explain their limited service to customers.
In today's Policy Statement on 'Delivering the RDR', the FSA acknowledges some parts of the industry feel the label restricted is "too negative". But it says the term 'restricted' is justified in order for consumers to be able to better determine an 'independent' offering. "Firms providing non-independent advice are restricting their services in some way, and the term ‘restricted' advice is an accurate description of this fact and consumers should be aware of this," it says in today's paper. "So, we have retained this wording." However it has also dropped the need for restricted a...
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