First Direct has welcomed the proposals by the FSA to dilute the polarisation regulations.
The internet bank says the loosening of the multiple provider restrictions will result in the consumer having more choice and make the process more straightforward.
First Direct chief executive Alan Hughes says: “The Government's intention to increase choice, simplify purchase and make comparison easier for consumers, particularly for direct offer, is something we applaud.
“I agree with the FSA that there will still be a very major role for independent financial advice, that's why we will offer it from January 2001. We welcome these changes.”