What it means to you
In January 2013, the Retail Distribution Review, or RDR, brought about the most significant changes to financial services since the 1980’s. The new FCA rules and regulations are designed to make sure that anyone seeking financial advice knows how much the advice will cost, understands exactly what they are paying for, receives advice and support from properly qualified professional advisers and knows if they are getting independent or restricted advice.
What is the difference between independent and restricted advice?
A firm giving independent advice will need to provide unbiased, unrestricted advice based on a comprehensive and fair analysis of the relevant market. The independent adviser is able to recommend whatever is best for the customer whilst restricted advice means that the firm of advisers chooses to limit the product range to a certain range of investments or providers.
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