It is nearly six months before the start of the RDR, and still, it seems advisers are undecided what to do.

Many are still wondering whether to be independent or restricted. This must be worrying the regulator - does this mean that there will be a last minute rush towards the end of this year, or will advisers get their act together in time?

It seems that for some at least it is not exactly burying their heads in the sand, but simply trying to decide what to do. The FSa muddies the waters over what it seems to be acceptable to be independent, and advisers are just confused. One adviser said in front of an invited audience that one minute he’s restricted, another independent, depending in large part on how he feels in the morning.

The problem is that many advisers are proud of their independence tag, but the hoops the FSA is making advisers jump through is making many question whether it is worth it. The question is, what will happen to all those advisers at the end of the year when they have not got their statement of professional standing. Will there be a mad panic to sell protection? Advisers need at least to be aware that they have to make a decision. If not, their livelihoods will be at stake.