Yesterday's pre-budget announcement on the phasing out of polarisation is against the public's interest and will confuse consumers according to IFAs.
Charter Financial Planning senior partner Barry Woolley says: “This move will considerably blur the position. It is a minefield which panders to the direct sales offices and flies in the face of logic.”
Paul Duckworth IFA says: “This is the first step down the slippery slope. It has taken a long time to get across to the public the difference between tied advice and independent advice. It will be a highly regulated form of what we thought we had got away from.”
Chambers Morgan James director Marlene Shalton says: “As an IFA I have never been keen. The public is still not clear on who is independent and who is not. I can't see how this is in the public's interest.”