Independent financial advisers can no longer hedge their bets when giving opinions

IN RECENT months, property firm Wheelock Properties and Norwegian shipyard Vard Holdings were subject to privatisation offers that involved seemingly confusing and possibly contradictory advice from the respective Independent Financial Advisers (IFAs) to their boards. If IFAs are to properly serve minority shareholders who are the ultimate recipients of IFA advice, a closer study of the two cases should prove useful.

Before delving into either case, it's worth noting that in February last year, the Securities Industries C…