Aifa seeks clarity on FSA's independence term

Association rubbishes proposals that could allow lower-tier advisers to call themselves independent as retrograde step for consumer awareness

Aifa has rubbished Financial Services Authority (FSA) proposals that could allow primary advisers to call themselves independent in its latest paper on the retail distribution review. Deputy director general of the association Fay Goddard said it would be illogical to allow professional and primary advisers to use the independent tag, but not the vast majority in the general camp. "This contradicts requirements under the Conduct of Business Sourcebook, which state firms offering basic advice must not hold themselves out as being independent," she added. FSA proposals for independence wou...