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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.

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