Independent Financial Advisers

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Independent Financial Advisers (aka IFA’s) are financial professionals who offer completely independent advice on financial matters to their clients in the UK and recommend suitable financial products from the whole of the marketplace. The actual term “IFA” was coined to reflect the UK regulatory position and has a specific UK meaning, although nowadays it has been adopted in other parts of the world.

The term “Independent Financial Adviser” describes advisers who working independently for their clients rather than representing a particular insurance company or bank. Back in 1988 the UK government introduceda polarisation regime to force advisers to either be tied to a single insurer or to be an independent practitioner. They were regulated by the Financial Services Authority to meet strict qualification and competence requirements, one of which is that they must identify to clients whether they are independent or tied agent.

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