Restricted advice

The number of financial advisory businesses intending to trade on a purely independent basis in 2013 is falling, according to a poll comparing sentiment now with a year ago.

Sanlam Private Wealth is on the verge of acquiring three IFA businesses as its growth strategy of purchasing the client books of retiring advisers gathers pace.

Platform sales on Axa Wealth's wrap proposition Elevate rose 75% in 2011 to £1.3bn, bringing total platform assets under administration to £3.5bn.

The Financial Services Authority (FSA) has published a guide to preparing for the retail distribution review (RDR), ten months before the reforms coming into place.

The overwhelming majority of advisers using platforms are still aiming to remain independent after the implementation of the retail distribution review (RDR), with only a handful looking to retire, it has been suggested.

Sesame will make a restricted proposition available to members from the middle of next year, built around its own platform and newly-created investment management arm.

The Financial Services Authority (FSA) said it is likely to release further guidance on what is required to be independent post RDR after admitting some practitioners still have questions on the issue.

Vince Harvey, head of training & development for Brooks Macdonald Group, discusses why some clients may prefer restricted over independent advice.

A UK ban on the payment of commission from providers to advisers who sell its products can go ahead unchanged and unhindered, the European Commission (EC) has said, quashing concerns a Europe-wide directive could scupper the requirements.

The Financial Services Authority (FSA) said it intends to roll out a 'consumer communications plan' to help ensure the public is aware of the Retail Distribution Review (RDR) and its impact on the delivery of financial advice.