A new online tool has launched this month which aims to help advisers demonstrate their independence by showing they have considered the whole market before recommending a product.
Independence Checker was designed by Devon-based IFA firm Loughtons for use in their own business.
The tool features spreadsheets containing all fund types available across the retail investment market. The spreadsheets can be filtered and applied to different client segments across what Loughtons deems as the appropriate product wrappers and fund compositions.
The firm says the programme allows advisers to document and demonstrate how and why they have chosen from the relevant market.
A licence for the programme currently costs £1,497, which will rise to £1,997 from 1 March.
Loughtons director Peter Blackburn says: “We built this product during 2012 for our own business knowing that we would have to improve the process around evidencing independence in the new RDR world.”