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Norwich Union says proposals must not harm IFAs

Norwich Union has guardedly welcomed the abolition of polarisation but says it will be a failure if the IFA sector suffers significant shrinkage as a result.

Sales and marketing director Peter Hales says he agrees with the main thrust of the paper but is concerned the FSA&#39s commission proposals – which he believes favour multi-tied advisers – may cause a reduction in the number of IFAs.

However, he says he is pleased that the FSA&#39s better than best rule is to be scrapped because it will allow NU to continue its policy of acquiring stakes in IFAs without being restricted to a 10 per cent maximum stake.

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