The site will move away from a location-based approach to focus on product specialisation.
Advisers restricted by product provider will be not be accepted in an attempt to highlight the importance of independent advice, said CEO Karen Barratt.
“We want the consumer to get advice that us client centric,” she said. “We felt that being tied by product provider removes that option.”
“On the other hand, we didn’t just to remain with IFA because we know some IFAs are moving towards restricted and we didn’t want the directory to become marginalised or elitist.
“IFAs and restricted advisers will be clearly labelled, so consumers can see what adviser they are dealing with, and they can say they are only interested in dealing with IFAs so they remain in control.”
However, Barratt said consumers struggled with the distinction between an IFA, restricted whole of market, and restricted by product provider.
The new site would clearly distinguish the difference between a specialist pension adviser who becomes restricted under RDR rules, for example, and a tied adviser.
“We continue to believe that independent financial advice provides the best standard of advice but at the same time, we acknowledge there are people with specific advice needs, who will be well served by whole of market, restricted advisers,” she said.
Unbiased currently lists more than 15,000 advisers, recording 450,000 consumer searches in the last year.
