Unbiased.co.uk has defended its use of the advice label “restricted whole of market” after the FCA warned the term could confuse consumers.
Earlier this month FCA technical specialist Rory Percival questioned firms who called themselves “restricted whole of market”, saying it was “best not to go there”.
Unbiased.co.uk, which includes advisers describing themselves as restricted whole of market, says the RDR effectively created the issue as the regulatory definition of restricted covers too many different types of firm.
Chief executive Karen Barrett says: “The category ‘restricted whole of market’ adviser is something that has been created as a result of the RDR. The problem is not the label itself, it is the fact that the current term ‘restricted’ covers too broad a range of advice propositions to be easily understood by the consumer.”
She adds the website will continue to use the term but would drop it if advisers began to shun the label.
Sesame, which recently announced its network would be whole of market but restricted for investments and pensions, declined to comment.
Aurora Financial Planning chartered financial planner Aj Somal says: “I have to agree with Rory Percival’s interpretation. Restricted whole of market is difficult and you wonder if consumers are going to understand it.”