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Cable urges Treasury not to ignore Sandler

The Sandler review must not be ignored if it makes recommendations, which the Treasury disagrees with, says Liberal Democrat trade and industry spokesman Vincent Cable.

Speaking at the party&#39s annual conference in Bourne-mouth last week, Cable said that despite many worthwhile recommendations concerning the retail banking sector made in Don Cruickshank&#39s January 2000 report, it had been largely ignored by the Treasury.

Cable believes there is always a chance when the Treasury commissions independent reviews that it will not like the findings.

He said the Treasury cannot afford to ignore Sandler&#39s recommendations.

The Sandler review is looking at all aspects of the retail financial services industry, including the role played by IFAs, and is expected to report to the Treasury by next summer.

Cable sees the review as an opportunity to deal with a variety of issues dogging the industry such as the commission-based relationship between IFAs and providers and the future of with-profits funds.

But Cable fears this chance will be wasted if the Government chooses to adopt only recommendations it favours.

Cable said: “If it is an independent inquiry, then obviously the Government is not obliged to accept the conclusions. But Cruickshank came out with a good and strong set of recommendations which, as far as I can see, have largely been ignored by the Government.”

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