The leading accountants' trade body is to redraft its code of ethics and allow members to refer clients to restricted advisers on a case-by-case basis after the Retail Distribution Review (RDR).
The Institute of Chartered Accountants in England & Wales (ICAEW) has always stated that member accountants can only make referrals to advisers in a position to be able to give objective advice. The code currently states that IFAs are likely to be able to give such advice, single-tied agents will not and multi-tied agents have to be assessed on a case by case basis by the member looking to make the referral. The Financial Services Authority (FSA) is reducing the terms used to describe advisers from 'independent', 'multi-tied' and 'tied' to just two - ‘independent' and ‘restricted'. ...
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