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WMA: Scrap RDR definition of independence 

May 27, 2015

Laura Dew, Investment Week

The Wealth Management Association (WMA) has attacked the "failure" of the RDR to clearly define 'independent' advisers and suggested MiFID II's description would be a better suggestion.

In its response to the Financial Conduct Authority's discussion paper on MiFID II, the body questioned several of the planned proposals which will be implemented across Europe. 

The FCA paper Developing our approach to implementing MiFID II conduct of business and organisational requirements, explores how the UK financial services industry will be run under the proposed new rules. It posed several questions and asked for responses from firms, industry and consumer groups on issues such as independence, suitability and technical challenges.

The WMA, which represents 110 wealth management firms and is chaired by Liz Field (pictured), said the RDR's definition of 'independent' in relation to advice is unclear and should be replaced by the MiFID II definition.

Read more: Investment Week

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