The latest instalment of the FSA's RDR proposals was unveiled today, and recommends that, while there is nothing technically wrong with commission, only the purest of the pure advisers should still be allowed to call themselves ‘independent'.
The rest will have to be labelled as ‘restricted'. Aside from having a few unwelcome connotations beyond their ability to give financial advice, how much impact will the introduction of this new label have on the people the RDR is supposedly designed to help and protect - the punters? This is not the first time the regulator has attempted to educate the general public as to the difference between advisers and salesmen. But each previous effort has largely met with failure. Depolarisation was the FSA's last stab at this, about five years ago the regulator introduced three types of a...
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