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

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 restri...