Wealth managers criticised for ‘lack of transparency' on restricted advice

The UK's biggest advice firms have been accused of failing to adequately inform potential clients whether they provide independent or restricted advice.

A survey of the UK's ten largest advice firms by turnover found that of the seven offering restricted advice, only two were explicit about their status on their own websites. In Towry's case, the firm simply replaced the phrase "we charge fair and transparent fees for our independent financial advice" on its fees page with "we charge clear and transparent fees for our services" - giving no indication of its now-restricted status. Four more firms in the top ten - Brewin Dolphin, Investec Wealth, St James's Place and Charles Stanley - do not mention their status despite offering restric...