When most people in the UK talk about their financial adviser, they call them an “IFA” – an Independent Financial Adviser. The assumption is that these advisers search the whole of market to find the best pensions, ISAs, and investment products. However, the majority of Financial Advisers these days are not IFA’s they are what’s known as ‘Tied Agents’ in the financial services industry, which means they work from a restricted panel of products and do not have access to the whole of market, the most common examples being St James’s Place Wealth Management and True Potential Wealth Management, where financial advisers can only promote products from the parent company who regulates them.
You wouldn’t go into Natwest and expect to be presented with an HSBC savings account, and equally it’s not NatWest’s job to guarantee you the best deal, they simply offer what they can and you as the consumer are required to shop around for the best deal.
One of the remaining Independent Advisers was Quilter’s Wealth Management arm, however, according to industry sources, from January 2026, Quilter Wealth Network will drop its independent status entirely, moving all its advisers onto a restricted advice model.
This means Quilter advisers will no longer be able to claim they are independent or offer “whole of market” advice. Instead, they will be limited to a smaller panel of providers, including Quilter’s own products.
Why Quilter Is Making the Change
Quilter, who manage around £120 billion of client assets, have explained this move as a way to simplify operations and improve oversight. With most of its network already working under restricted advice, keeping a separate process for a small number of independent advisers was, in its words, “no longer viable.”
However, there could be a deeper context. In recent years, financial advice firms have faced a surge in compensation & redress claims for unsuitable pension transfers, one common area for complaint (especially when deaing with tied agents like SJP & True Potential) is that customers were not aware they were being presented with a limited selection of products.
It is possible and likely that some independent advisers of Quilter’s Wealth team may have favoured specific products and not given whole of market advice, opening Quilter up to potential claims.
Like competitors St James’s Place (which set aside around £430 million for redress) and True Potential (which earmarked approx. £100 million), Quilter Wealth Management has set aside around £72 million to deal with complaints. Moving to a fully restricted model gives Quilter greater control over what advisers recommend, potentially reducing future risk.
The move to a restricted model could be aimed at protecting Quilter against further liability from complaints moving forwards following their recent investigations instructed by the FCA.
Why This Matters for Quilter Clients
The change raises serious questions for clients — past, present, and future.
- Loss of independence: From 2026, Quilter advisers will no longer compare the whole of market, which could limit choice and value for money.
- Past advice under scrutiny: If advisers were already favouring Quilter products while describing themselves as independent, clients may question whether their investments were truly in their best interests.
- Higher costs: Even small differences in annual charges can make a big impact. For example, a 1% higher annual fee on a £50,000 investment over 10 years could cost around £7,433 in lost returns.
It’s Not All Bad News
The upsides to working with a restricted adviser is that you can have confidence that the products are safe and controlled by the regulating company (Quilter, SJP, True Potential etc.) however, the downsides to working with a restricted adviser are that the offering may not be the most suitable compared to whole of market and most importantly, could cost more eating into your returns.
When Can You Claim Against Quilter or a Quilter Adviser?
You may have grounds for complaint or compensation if:
- You were advised to move pensions, ISAs, or investments into Quilter products unnecessarily.
- Your adviser did not clearly explain that they were tied/restricted, not fully independent.
- You have paid ongoing fees but have not received regular reviews.
- Incentives or commissions influenced the advice without being disclosed.
Depending on your situation, you could pursue compensation through:
- A direct complaint to Quilter or your adviser.
- The Financial Ombudsman Service (FOS) if you’re unhappy with the response.
- The Financial Services Compensation Scheme (FSCS) if the adviser is no longer trading.
- Legal action, in some cases, supported by solicitors.
HT Legal Ltd are a firm of solicitors who specialise in claims involving Financial Advisers like Quilter Wealth.
We are able to request all the information from all parties involved in any pension or investment transactions to establish whether you are entitled to any financial redress or compensation.
Our priority is always to endeavour to ensure that:
– If you have suffered losses, you are put back into the position you would have been in had the advice not taken place (including loss of growth)
– If you have paid for services you have not received, then those fees are refunded, in full, with interest.
Why It’s Important to Act
Financial advice is supposed to put clients first, whether it comes from an independent adviser or a restricted one. But if you were misled, overcharged, or placed into unsuitable products, you may be entitled to redress.
With Quilter’s shift away from independence, now is the time for clients to review the advice they’ve received and consider whether it was truly in their best interests. Claims can be time-barred, so delaying could cost you your right to compensation.
At Claim My Loss, we specialise in helping individuals affected by mis-sold financial advice, including cases involving Quilter advisers. If you’re worried about the advice you received, we can review your situation, explain your options, and guide you through the claims process.
Start your Quilter claim today.
Still have questions? Why not book a free no-obligation consultation with one of our Quilter Experts.