When are IFAs going to learn? Having read the pinks lately you would have thought that IFAs had deep concern over the FSA proposals for polarisation.
So I was surprised to read in the FSA policy statement: “The overall response to Consultation Paper 80 was one of broad support for the proposed changes to polarisation rules.”
The answer was near the end of the statement, “The views of the IFA sector were principally expressed through its trade association, AIFA, who were against these changes because they compromised the concept of independent advice for no tangible return. In addition, some 37 out of 4,000 IFA firms made a direct response”.
From the FSA perspective it must look like IFAs don't give a damn because less than 1 per cent made any response and therefore Aifa misread the views of its members in condemning the changes.
It is ironic that those with most to gain from a break up of polarisation managed to respond, but those with most to lose did not. Will one of the 99 per cent please turn off the lights when the IFA sector is eventually dismantled.
Financial Futures, Norwich