Towry’s Fisher tells FSA to give examples

Mr Fisher said more guidance on what it means to be independent post 2012 is required from the FSA and this should use examples of actual businesses.

He said: “I still think it needs a bit of clarification. Specifically, the differences between independent and restricted which they don’t give. Maybe examples of actual business models. Some tangible examples of what is and isn’t restricted would be helpful.”

He added that the real announcement “everyone’s waiting on” is the upcoming platforms paper.

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“The entity gives the advice, not the individual adviser. One of the helpful things the FSA did clarify is it will look collectively at the company. The entity gives the advice, not the adviser.”

This will help advisers maintain their independent label, as he says it would be nigh on impossible for an adviser to learn about and consider enough to offer a legitimate whole-of-market view under the post-RDR definitions.

He said: “They have quite rightly said they will look at the firm and its ability to look at the whole of market.”

According to Mr Fisher, the latest guidance would not have an effect on Towry’s offering: “Our proposition we don’t believe is going to change in any way. What our defnition is will be something to discuss with the FSA,” he said.

“We are less worried about what we call ourselves. What’s important to us is the proposition as aligned to the client and not the words that describe us.”

Click here to read FTAdviser’s In Depth analysis of the FSA’s latest guidance paper.