In his own words: Stephen Gay on AIFA changes

The trade body will accept 'restricted' advisers as members, but not single-tied intermediaries, it said. The move will enable firms to continue to be eligible as members "despite the rule changes placed upon their businesses". Under the changes to be implemented in January 2013, the FSA has expanded the range of products 'independent' advisers will be expected to know to include structured investment products, all investment trusts and unregulated collective investment schemes. Restricted advisers will be those offering advice on a limited range of products or providers. Stephe...