23 Jul, 2012
Looks like the lobbying by St James Place worked…..
The Institute of Chartered Accountants in England & Wales (ICAEW) previously required member accountants to only make referrals to advisers in a position to be able to give objective advice.
The code currently states that IFAs are likely to be able to give such advice, multi-tied agents have to be assessed on a case by case basis by the member looking to make the referral. Single tie agents were a no no.
The introduction of the Retail Distribution Review this December will mean that the will be just two options – “Independent” or “restricted”.
The ICAEW will complete its approval of the changes to the code by October –
In a similar move, the Solicitor's Regulation Authority is seeking views as to the need to change their Code – that currently only allows investment referrals to Independent Financial AdvisersBack to News
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