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FSA slip-up reveals its view of depolarised industry

The FSA has unwittingly broken its silence on the emerging shape of the IFA market post-depolarisation after mistakenly releasing deleted extracts from a recent speech by chairman Sir Callum McCarthy.In the original draft of the speech given earlier this week, McCarthy suggested that most IFAs have managed to adapt to depolarisation and the requirement to offer fee and commission payment options to their clients.He said early indications are that many IFAs have retained their independent status and that there will be a full range of distribution models, with some major distributors setting up mini-ties with a small number of providers rather than multi-tie arrangements.The FSA has come under fire from IFAs and trade bodies for failing to monitor the status of advisers post-depolarisation and being tight-lipped over the impact of depolarisation so far.FSA spokeswoman Vanessa Wood says: “It is still early days but our observations, based on both conversations with IFAs and public information, so far tell us that most IFAs have opted to stay independent.”Aifa deputy director-general Fay Goddard says: “The FSA needs to monitor the market and we expect them to collect the data on which to judge whether depolarisation is a success.”

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