RDR has reached 'point of no return' - PFS

In its final rules on adviser charging and labelling post-2012, published on Friday, the FSA confirmed investment advisers will be banned from taking commission and non-independent advisers will be labelled ‘restricted'. If restricted, advisers must disclose their non-IFA status to customers before advising them, though not using a mandated script as had been mooted. Provider-owned advisers will not have to disclose their ownership status to customers. PFS chief executive Fay Goddard describes last week's announcement as a "wake-up call" for advisers, who must adapt their business mod...