Restricted advice

Tenet advisers are still unsure about the Financial Services Authority's (FSA's) definition of independent and restricted, according to its group distribution development director.

Firms who refer clients to restricted advisers for retail investment advice will not have their independence threatened after implementation of the Retail Distribution Review (RDR) rules, the Financial Services Authority (FSA) has confirmed.

Advisers are now less concerned about having to sell unsuitable products to remain independent and more concerned about the research and administration required to retain this status, according to a poll of IFAs conducted today.

MYTHBUSTERS

The Retail Distribution Review (RDR) is set to see an explosion of advice "brokers", instead of restricted or independent advisers, according to Panacea IFA.

AWD Chase de Vere has stressed it will remain independent post-RDR and will not develop a restricted or simplified advice offering.

SimplyBiz founder Ken Davy has launched a national advisory business aimed at the restricted advice market.

Heartwood Investment Management has set out plans to forge partnerships with 100 adviser firms as part of a fresh assault on the intermediary sector.

St James's Place (SJP) is targeting double digit growth over the next five years, after announcing positive new inflows this morning.

Sesame Bankhall Group (SBG) has announced the product providers for its restricted advice offering, due to be launched in Q3.