WMA: Scrap RDR definition of independence

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 manageme...