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&#39Treasury is pulling the strings&#39

IFAs and trade bodies say the FSA is buckling under to Treasury demands, with the plans to scrap polarisation set by the Government.

Others accuse the FSA board of overriding the views of its officials working on the review, including head of conduct of business David Severn, by ignoring his indications last October that polarisation was likely to stay and multi-ties were not a favoured option.

Those pointing to a split between the FSA board and officials refer to Severn&#39s comments last October that: “Abolition of polarisation makes for good headlines but we would have to replace it with more rules.” He also said: “We could go in for an option which saw more adoption of products in the tied sector. There must be a question over multi-ties.”

Informed Choice director Nick Bamford says: “This is a Government decision. The FSA had nothing to do with the document. It was told what to do by the Treasury and did not have the backbone to stand up to it.”

An industry commentator says: “It looks as if someone was pulling the strings and I suspect it was the Treasury working with Sandler.”

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