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Fund supermarket providers divided on change

Fund manager Fidelity has given the FSA plans for polarisation a qualified welcome although it plans to make a full response later when it has examined the proposals in detail.

Fidelity executive directive of UK wholesale Robin Threadgold says: “We broadly welcome the philosophy of broadening consumer choice and the availability of advice.”

But recently set up fund supermarket Selestia has condemned the proposals.

Managing director Brett Williams says: “What this regime will herald is a new age of confusion for consumers. We believe the results will bring more confusion, less choice and more power the larger providers.”

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