FSA: Independent advisers can refer to restricted firms post-RDR

The regulator today issued finalised guidance on independent and restricted advice, following on from the guidance consultation issued in February. In a new paragraph, prompted by feedback it received from IFAs, it explained how referrals will affect status post-RDR. "If a firm does not provide any personal recommendations on retail investment products (RIPs) to a client, and refers them to another firm instead (for example, a firm that provides restricted advice), this will not affect its independent status. "We would, however, expect firms to undertake sufficient due diligence on...