FCA tells firms: Rethink 'restricted whole of market' label

Jenna Towler
clock

It is unlikely clients would understand the label 'restricted whole of market' so advisers should avoid the term, Rory Percival has said.

Speaking at the Personal Finance Society (PFS) annual conference he said the advice community has two clear divisions - restricted and independent - and a third category should be avoided. He said: "We do not have a 'whole of market restricted'  for consumers. We have independent or restricted." Percival explained advisers can still use the terminology 'whole of market' and 'restricted' in the same sentence but they needed to be much clearer in their explanation to clients. He said specialisms in certain areas, for example pensions, could result in advisers stating they are restricted t...

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 Regulation

FCA finfluencer enforcement action increases 174% in 2025

FCA finfluencer enforcement action increases 174% in 2025

FOI findings come as regulators ramp up online crackdown

Isabel Baxter
clock 09 February 2026 • 3 min read
TISA urges FCA to rethink targeted support fees and levies proposals

TISA urges FCA to rethink targeted support fees and levies proposals

Could ‘undermine’ the aims of targeted support

Isabel Baxter
clock 12 January 2026 • 2 min read
FCA's targeted support rules set to take effect from April 2026

FCA's targeted support rules set to take effect from April 2026

Regulator plans to open application gateway for firms in March

Isabel Baxter
clock 11 December 2025 • 5 min read