Independent or restricted: What's in a name?

Shifting the focus to 'regulated advice'

clock • 4 min read

Anthony Carty asks: As long as a firm is doing this properly, does being restricted or independent really matter any more?

It's safe to say the retail advice industry has come a long way since the major conflicts of interest that were exposed during the early 1980s. Back then the clear need for guardrails led successively to the Financial Services Act, Treating Customers Fairly (TCF), the Retail Distribution Review (RDR), Product Intervention and Product Governance (PROD) and lately Consumer Duty. Alongside these developments, firms identified themselves according to a duality set by the regulator: they are either ‘independent financial advisers' or ‘restricted advice firms'. These will be familiar terms for...

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

Andrew Goodwin: It's time for advisers to think differently about innovation

Andrew Goodwin: It's time for advisers to think differently about innovation

'Ours is still a profession that rightly places enormous emphasis on the human touch, relationships and trust'

Andrew Goodwin
clock 04 July 2025 • 4 min read
Altus' Holford urges advisers to reframe concept of advice gap

Altus' Holford urges advisers to reframe concept of advice gap

Traditional models of value, service and delivery are being challenged

Sahar Nazir
clock 04 July 2025 • 2 min read
PA Asks: Do you keep in touch with clients when on holiday?

PA Asks: Do you keep in touch with clients when on holiday?

Plus, targeted support worries and BDMs

Professional Adviser
clock 04 July 2025 • 1 min read