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Hunt wants more time to talk on polarisation

Aifa chairman Lord Hunt of the Wirral has called for the polarisation reform consultation period to be extended, saying the FSA&#39s timetable is unrealistic.

In a letter to FSA chairman Howard Davies, Lord Hunt says the short time that the FSA has set aside for consultation and implementation of reforms shows it is underestimating the scale of change it is proposing.

He has asked for the consultation to be extended until the end of May and for the FSA to rule out suggestions in CP121 that implementation of rule changes could take place by the end of the year.

Lord Hunt reminded the FSA that IFAs will not be able to determine their strategy for their own businesses until the overall direction of FSA policy had been confirmed and warned that any rules should be implemented across all sectors simultaneously rather than on an ad-hoc basis.

Aifa also points out the amount of work involved to complete the cost-benefit ana-lysis for the proposals.

Lord Hunt&#39s letter said: “Your consultation paper rightly identifies the continued existence of IFAs as a driver for competition in the market. You should ensure that you do not damage this source of competition by your own timetable.”

An FSA spokeswoman says: “We will give Lord Hunt&#39s letter due consideration.”

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