RDR MODELS

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Published by Editor on 26-01-2012

This week, FINANCIAL's Chief Executive Charlie Palmer explains the new definition of 'independence'...

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kenneth.buttle@wakefieldfs.co.uk's picture

kenneth.buttle@...

30-01-2012

I found the comments by Charlie on the FSA view of independence most interesting. I had not thought of this at all.
I remember in 1986 at the outset of the Financial Services Act Life companies recruiting large numbers of appointed representatives to secure on going business. They also offered a number of incentives such as business grants, and a number of different types of golden hello's. I wonder if those days are about to return.
I also wonder if we as IFA's need to declare who they are tied to or not as the case might be.
I find it all very confusing as I am sure many others do.

Dave Austin's picture

Dave Austin

31-01-2012

In contrast to the previous comment I found Charlie's comments somewhat confusing. To state that you can be tied to 3 or 4 providers and still retain your "Independent" status post RDR is to take a simplistic view. The FSA have stated that in order to declare yourself "Independent" you will need to consider a broad range of products and will need to provide unbiased, unrestricted advice based on a comprehensive analysis of the relevant market. If Charlie's view is correct where does this leave restricted advice?

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