A brief history of independence

Since the original Financial Services Act 1985 invented the concept, the word ‘independent’ has become the watchword among financial advisers.

clock

Since the original Financial Services Act 1986 invented the concept, the word ‘independent' has become the watchword among financial advisers.

Many of whom so strongly identify with the label, that it has become almost a personal statement of professionalism. Post-RDR, advisers will be faced with a difficult choice. Many should conclude that the only sensible, commercial decision will be to give up the cherished ‘independent’ label in favour of the dreary and demeaning ‘restricted’ tag. It is difficult to see many advisers adorning their office windows with a sticker proclaiming ‘restricted advice available here’. I regret that this unfortunate term has entered the RDR lexicon. However, I would maintain that the term inde...

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 RDR

RDR ten years on: An advice industry changed for the better
RDR

RDR ten years on: An advice industry changed for the better

'The end of the advice industry as we know it'

Kevin Silvester
clock 08 February 2023 • 2 min read
RDR

Deja vu: Are we heading back to the future on commission?

Marty, fire up the DeLorean

Tim Sargisson
clock 13 January 2016 • 3 min read
RDR

Blog: How can we shrink the advice gap?

The advice gap has been a popular topic since the Retail Distribution Review, but hasn't this gap always existed?

clock 02 November 2015 •