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CP121 proposals branded “crazy” by Fidelity

Fidelity, the UK&#39s biggest fund manager, has come out strongly against the FSA&#39s depolarisation plans, branding them “crazy” and likely to work to the detriment of consumers.

In its response to the FSA&#39s consultation paper, Fidelity says proposals forcing IFAs to decide between staying as they are or switching to one of several other adviser models is misguided and liable to bewilder clients.

It is particularly critical of the regulator&#39s timetable for implementation, which it believes is unworkable and does not give IFAs enough time to make an informed decision.

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IFA numbers could plummet to just 500 if the FSA goes ahead with its definedpayment system outlined in CP121, according to res-earch by H2B.The research, exclusively commissioned for Money Marketing&#39s G80 polarisation summit shows that IFAs predict they will find it impossible to operate under the defined-payment system if CP121 is implemented without amendment.Advisers say […]

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