The Financial Services Authority (FSA) has urged "independent" financial advisers to whistle blow on "restricted" advisers who fail adequately to disclose their non-independent status. The regulator is likely to follow up on any information it receives with a thematic review to ensure that those who should be trading under the "restricted" label since implementation of the Retail Distribution Review (RDR), are clearly disclosing this to clients.
The news was revealed at a seminar on "Evidencing Independence" run last week by IFA Centre, a trade association for fully "independent" advisers set up last year by Gill Cardy, a former IFA. She told the seminar that a representative from the FSA had been due to speak at the seminar but was unable to attend. He instead urged those present to let him have sight of any examples of individuals or firms that gave poor disclosure around their status as restricted advisers.
Under the RDR definitions, anyone calling themselves independent has to
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