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Jelf follows Close and Towry down restricted route

by Jun Merrett on Dec 18, 2012 at 12:23

Jelf follows Close and Towry down restricted route

Jelf Financial Planning has become the latest national advice firm to announce it will be restricted after the retail distribution review (RDR).

The 22 advisers at the financial planning arm of Jelf Group will continue to offer whole of market advice, but will be labelled restricted under the Financial Services Authority’s definition of the term because they will not advise on all areas of investment.

Jelf’s move follows the announcement earlier this month from fellow national Towry, which confirmed it will be restricted in 2013.

In November, Close Brothers Asset Management conceded its advisers would also be restricted under the RDR.

Alex Alway (pictured), Jelf Group chief executive, said: ‘We feel that after considering all the risks about independence, a restricted model enables us to provide a good service for our clients.’

1 comment so far. Why not have your say?

Richard SALTER

Dec 19, 2012 at 12:38

The FSA should hang their heads in shame that yet more of the British population will find themselves being advised by none whole of market, independent financial advisers.

A sorry state of affairs from those purporting to have the best interests of the public at heart. Still the FSA will say it is not their fault...whislt paying themselves bonuses too i don't doubt!

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