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Misselling warning if polarisation goes

Lord Hunt of Wirral has issued a stark warning that changes in polarisation could increase the risk of misselling.

The Aifa chairman said there is growing investor understanding of the role of independent advice. Hunt says a multi-tied third pole would risk the stability of the marketplace.

The FSA is to publish its recommendations within a month, a key demand in Money Marketing&#39s Poles Apart campaign. Hunt says Aifa has told the FSA it is willing to look at any problems with current rules.

He says the fate of pol-arisation lies in the hands ofthe Treasury and the industry must hope it sees the wisdom in a system which has served the investor well.

Suggestions that independent advice is only true if remunerated by fees not commission is a “red herring in a serious debate”, according to Hunt.

LIA president Peter Sprung took his mission to see IFAs represented by a single trade body to the Aifa conference last week but failed to get any recruits. Sofa spurned his advances and also Sprung&#39s idea that Aifa should broker a merger deal. Sofa spokesman Robert Reid says the sector is “too diverse” to be represen-ted by a single body.


Time for Scottish Life clients to air their views

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Close AIMs For Tax Shelter

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Fidelity Investments – Consumers Industries Fund

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CGU-NU merger halves fund range

Norwich Union Investment Funds is to condense the 48 funds of the existing CGU and NU ranges into 22 when the two ranges merge in May.The measure will also see the merged investment house disband three funds. The Norwich US smaller companies fund will close on January 31, 2001 while the CGU PPT long gilt […]


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