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Aifa working party will judge the success of depolarisation

Aifa is setting up a working party to enable the industry to judge for itself the success of depolarisation without relying on the FSA’s research.

The working party, which will comprise volunteers from the industry, will set its own benchmarks for success in a review designed to sit alongside the FSA’s assessment.

The FSA, which introduced depolarisation to create wider choice for customers while increasing transparency on the cost of advice, has been criticised for not providing clarity on how it will judge the success of the legislation and failing to closely monitor firms.

But despite the FSA outlining plans for an ongoing review of depolarisation this year before the first formal assessment in 2007, Aifa director general Chris Cummings questions the logic of the regulator setting the parameters of success six months after the start of depolarisation.

He says: “We need to force the agenda on depolarisation and hold the FSA to account by judging for ourselves whether it is a success”.

But FSA spokeswoman Sam Bennett says: “We outlined the parameters of success in our original consultation paper.”

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