The new regulations introduced three important changes:
Financial advisers will now explain how much their advice will cost and agree these charges with you before they carry out any work on your behalf. Some advisers may already be charging for their services in this way, so you may have an existing arrangement.
There are now clear distinctions around the type of advice that is available, making it easier to compare services. Financial advisers are either independent, if they provide advice on the whole market, or restricted, if they advise on a limited range of products or specialise in a particular area such as pensions.
Financial advisers are required to hold a higher minimum qualification and commit to further professional development. They also need to hold a certificate, the Statement of Professional Standing (SPS), to demonstrate they meet these professional standards.