Regulations for Financial Advisory Services
What does it mean for a financial adviser to be "independent"?
"You may meet financial advisers that promote or advertise their services as being independent. What this generally means is the firm has no financial or commercial links with product providers.
The firm must:
- Not receive any commercial benefits from a product provider which may create product bias
- Be free from any restriction relating to any investment product which is recommended
- Be free from any conflict of interest created by any connection or association with any product provider"