Towry has confirmed its investment service will be classified as restricted post-RDR.
The firm says it will continue to offer the same advice and discretionary investment management service which is currently classified as independent under pre-RDR definitions.
Towry chief executive Andrew Fisher (pictured) says: “We have always supported the key objectives of the RDR and the benefits it will bring to clients, namely clear and transparent charges for advice delivered by highly qualified professionals.
“Towry will continue to provide expert financial advice on products we believe offer the most suitable solutions for our clients.”
Towry says all its 150 advisers are all now QCF level 4 qualified, with over 50 per cent holding QCF level 6 chartered status.
Chapters Financial director Keith Churchouse says: “Thinning the advice process by going restricted is likely to reduce costs which can help boost profitability, so I think that is why Towry decided to go restricted.”