Restricted giants criticised for 'lack of transparency'

clock

The UK's biggest advice firms have been accused of failing to adequately inform potential clients whether they provide independent or restricted advice.

A survey of the UK's ten largest advice firms by turnover found that of the seven offering restricted advice, only two were explicit about their status on their own websites. In Towry's case, the firm simply replaced the phrase "we charge fair and transparent fees for our independent financial advice" on its fees page with "we charge clear and transparent fees for our services" - giving no indication of its now-restricted status. Four more firms in the top ten - Brewin Dolphin, Investec Wealth, St James's Place and Charles Stanley - do not mention their status despite offering restric...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Professional Adviser TV: Advisers' most asked questions

Professional Adviser TV: Advisers' most asked questions

With Clare Moffat and Sally Beresford

Professional Adviser
clock 10 October 2025 • 1 min read
IFAs see surge in client enquiries as Autumn Budget looms

IFAs see surge in client enquiries as Autumn Budget looms

Clients seeking changes ‘biggest challenge’ for more than two-thirds of advisers

Isabel Baxter
clock 10 October 2025 • 2 min read
Autumn Budget 2025: IFAs see surge in client enquiries ahead of Budget day

Autumn Budget 2025: IFAs see surge in client enquiries ahead of Budget day

The updates advisers need in the run up to the Autumn Budget 2025 on 26 November

Professional Adviser
clock 10 October 2025 • 1 min read