RBS may have given advisers one reason to remain independent. They are converting their IFA and from reports some of their tied sales to restricted advisers. They will be known as specialist financial advice managers. If you are an IFA you will be able to make it clear that you are not a specialist financial advice manager by remaining an IFA.
I don’t want to knock this RBS too much. I hope it works and offers cost effective, compliant advice. Banks haven’t a great track record here of course but maybe restricted is the solution.
It is also interesting to see that the Sun is now interested in the RDR. Last week’s coverage of the RBS cuts appears to blame the regulator. The reform is getting controversial in all sorts of unexpected places these days.