The Chartered Insurance Institute (CII) and the Personal Finance Society (PFS) will publish a 'plain English' version of the FSA's RDR guidance next year, because it says many advisers are still 'very unsure' about how to comply with the new rules.
Professional Guidance is the working title of the series of documents the CII/PFS plans to produce, in consultation with the FSA. The guidance will cover platforms, adviser charging and the 'independence' label which remains a particularly grey area for many advisers, says PFS chief executive Fay Goddard. "Many advisers still think the new restricted label means multi-tied, when of course a restricted adviser can advise across the whole of market. "We are not expecting FSA approval but we want to move into a leadership role on this because people are not clear about what they need ...
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