Restricted advice

Around three quarters of IFAs plan to stay independent despite a tougher stance from the regulator on the definition of independent advice, according to an industry survey.

Network Sesame has confirmed that it is planning to drop its independence mandate for investment and pension advice and move to a ‘whole of market' restricted proposition in 2014.

Royal London has joined Sesame Bankhall's restricted advice panel to provide personal and business protection through Bright Grey, and pensions and retirement products through Scottish Life.

The Solicitors Regulation Authority (SRA) is to recommend that members are allowed to refer clients to both restricted and independent advisers.

Firms offering restricted advice are spreading "propaganda" about the apparent difficulties of meeting the Financial Services Authority's (FSA's) new independence rules, according to consultant David Severn, a former head of investment business policy...