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National IFAs are convinced polarisation is finished

The scrapping of polarisation by the Treasury and FSA is a done deal, according to national IFAs Berry Birch & Noble and Millfield.

Both firms are adamant the FSA has already made the decision to recommend to the Treasury that it scraps polarisation and it is just the detail of what will replace it and how multi-ties will be structured that is to be ironed out.

Millfield says the FSA&#39s open meeting on polarisation on October 4 will be a presentation on the regulator&#39s plans rather than an open debate on the future of financial services.

Berry Birch & Noble marketing director Stephen Ingledew believes removing polarisation is inevitable because of the radical changes in the market in the 13 years since it was introduced, such as the decline of direct salesforces.

He says the number of reviews, including the FSA&#39s and Sandler&#39s, indicate things are heading in a certain direction where multi-ties will be introduced.

Millfield chief executive Paul Tebbutt believes the FSA has about 50 per cent of the detail worked out of what will happen after polarisation and they have to tell IFAs what they are doing so they can prepare for the new regime.

Ingledew says: “The weight of evidence like the number of reviews suggests change is inevitable. It is the detail of what will come out the other end that is unknown.”

FSA spokeswoman Jackie Blyth says: “The decision on polarisation has not been made. It will be discussed at the meeting in October and we will then be consulting.”

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