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‘No clear strategy on multi-ties’

The financial services industry is sleepwalking towards the depolarisation deadline, says Alpha to Omega chief executive Stewart Wooles.

He says A2O will put off launching a multi-tie until product providers come to him with a workable model that is in members’ interests.

Wooles says providers do not have a clear strategy on how to offer multi-ties to networks, so he is having to retreat from his original plan of offering a multi-tie option from June 1, when depolarisation takes place.

He says IFAs who think they can carry on as they are after June 1 are mistaken and warns they will be in default of FSA guidelines if disclosure documents, client letters and menu conditions are not in place.

Wooles says: “Providers have no clue about how multi-ties are going to work. When you ask them about offering multi-ties, they have no clue what to say. They should be on the front foot, asking intermediaries how they want to trade.”

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