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AMP believes only 3% of IFAs will stay independent

AMP predicts that less than 3 per cent of advisers will remain independent following depolarisation based on its experience in Australia.

Speaking exclusively to Money Marketing about its response to CP121, managing director (UK) Tom Fraser says he will be happy to invest more in Towry Law to keep it independent if he is sure it is what customers want.

AMP calls for the scrapping of the better than best rules which have frustrated the firm since it bought Towry Law last year. Fraser says: “There has been an excruciatingly high hurdle to jump for Towry Law to recommend AMP products.”

AMP is also calling for a pared-down regime in which advisers simply disclose if they are independent or not and which allows for flexibility in the defined-payment system.

Fraser says: “We are genuinely multi-distribution and have no axe to grind. We are an impartial voice. We said when we bought Towry Law that depolarisation would be the icing on the cake – we now have it.”

•CP121 responses, pages 8, 9 and 10

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Andrew Merricks

Born: December 25, 1959, in Purley, South London.Age: 42.Lives: Hove, East Sussex, with his three children.Education: BEd honours, Brighton Polytechnic.Career: 1982/85 physical education teacher; 1985/90 financial adviser, Guardian Royal Exchange; 1990-present partner, Simpsons of Brighton.Life ambition: “To get to number one with World Cup single Better Than U, earn enough to retire and go horse […]

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