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FSA resists the bank barrage

The FSA is understood to be holding its ground against heavy lobbying by the British Bankers’ Association and resisting calls for an advised sales channel.

At a recent meeting between the regulator and the BBA, senior FSA officials involved with the retail distribution review Dan Waters and Amanda Bowe are both understood to have rebuffed calls from the association for a rethink on a primaryadvice-style channel.

One source says: “The banks are working hard to push these channels forward but it does not seem to be going very well. Waters was most adamant in the meeting that that debate has been had and the FSA is not going back to revisit it.”

The ABI and BBA are currently conducting research into assisted purchase with a report due in August.

A BBA spokeswoman says a meeting involving the BBA and its members was held on May 22 but primary advice was not on the agenda.

She adds: “We have not been told by the FSA that assisted purchase and primary advice are issues that have been closed.”

The FSA refused to comment on the meeting.

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