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Presenting at the Money Marketing Retirement Summit, Lewis maintains restricted advisers are still often linked with a sales culture, and that the status was often unclear over service provided.
Lewis adds that restricted advisers may still recommend unsuitable esoteric investments.
Lewis says: “I would never, ever, ever recommend, interview, have on my programme, a restricted financial adviser, under almost all circumstances. The problem with restricted advice is there are two sorts: the ones who are restricted because they work for a company or they only recommend half a dozen companies, and the ones who are restricted because they only do one thing very, very well.
He says: “That distinction between the two halves of restricted advice, created by the FCA, is what causes the real problem. But because you can’t make that distinction easily, you have to say never, ever, ever go to a restricted adviser because they can’t advise you. Many of them are just there to sell you something.”
Restricted advise firms include St James’s Place, Hargreaves Lansdown, Towry and Barclays.
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