Towry Law has slammed pre-budget polarisation proposals giving the go-ahead to multi-tied advisers as a “potential disaster”.
The national IFA is angry at FSA proposals to phase out polarisation in favour of selling rules which it says will only confuse the consumer further.
Towry Law director Clive Scott-Hopkins says: “This is a potential disaster area as the investing public are not going to be able to differentiate between a genuine independent adviser and the tied agent, who may have access to a limited range of products and research facilities. The tied agent will be neither fish nor fowl.
“This is a step backwards if the Government's true objective is to achieve greater transparency and does nothing to enhance the credibility of the financial services industry.”