The survey states that Coutts, Towry, Killik and Co, Barclays and Charles Stanley are among 19 major firms that are still undecided about the breadth of advice they will offer when the Financial Services Authority (FSA) introduces new standards from January 2013.
As per the RDR, firms will have to declare whether their advice is restricted or fully independent.
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Additionally, companies that advise on a limited range of product types, or use only certain product providers, will no longer be able to say they are independent.
Financial Times quoted a Which? spokesperson as saying "If firms choose to offer ‘restricted’ advice, then they will need to be clear exactly how their advice is restricted and what implications this will have."
Meanwhile, Financial Times also quoted Grania Baird, partner at law firm Farrer & Co adding a word of caution; "Firms will need to make a decision in the next few months to reduce uncertainty for clients."
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