Independent financial advice

Independent financial advice can be broadly defined as advice that is impartial or unbiased. It is provided without any potential for a conflict of interest.

Legally, to be able to claim that they are independent, a financial adviser must not:

• receive commissions from a product issuer,
• receive remuneration based on the volume of business they place with the issuer of any financial product or service,
• accept gifts from a product issuer that might influence them,
• have any product restrictions imposed on them by their licensee, nor
• have any association with either a financial product or a financial product issuer.