The FSA has published a new guide to explain how advice is changing under the RDR which removes references to specialist advisers in its definitions of independent and restricted advice.
The latest guide, “Financial Advice Changes 1-2-3”, provides more detail about the RDR requirements and follows on from a consumer leaflet on the RDR published in April.
But in final guidance on independent and restricted advice in June, the FSA said specialist firms can still call themselves independent in certain advice areas such as income drawdown, annuities, and ethical investments.
The FSA has now removed the term specialist. The latest wording says: “An adviser will have chosen to offer ‘restricted’ advice where they can only consider certain products, product providers or both. Your adviser will have to clearly explain what they can advise you on.”
The FSA has also launched a new microsite for consumers to find out about how the RDR affects them.
Source: FundWeb. Read full article here.