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Sandler bid to restrict term adviser is rejected

Ron Sandler&#39s recommendation to restrict the term adviser to IFAs has been rejected by the FSA.

Instead, it will allow most firms carte blanche in naming themselves as long as it is clear to consumers what service they provide.

Under the new proposals in CP166, IFAs will be the only regulated firms which must meet defined criteria to use a specific name when marketing themselves to consumers.

An IFA will also have to provide advice on the whole of the market and offer the choice of paying by fees.

Under the new regime, the terms product provider, tied agent, multi-tie and distributor firm will all disappear from the regulator&#39s terminology.

All other firms will be defined by the “scope” of advice they give and the “range” of products they offer, two new regulatory terms created by the FSA.

In his review into the savings industry, published last July, Sandler called on the regulator to prevent anyone not independent from using the phrase adviser.

Holden Meehan director Amanda Davidson says: “It would have been a real victory if only independent advisers were able to use the phrase adviser. The word adviser is not an accurate term for much of the tied sector.”

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