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Preserve polarisation, says ScotLife

Pension specialist Scottish Life has slammed proposed changes to polarisation in the London Economics report commissioned by the FSA.

ScotLife claims a move away from polarisation would damage the IFA sector, cause confusion and reduce consumer choice.

It says introducing more change to an industry already shaken up by e-commerce and the introduction of Government measures such as stakeholder would only harm it.

It says the worst option would be multi-ties, as it would be easy for multi-tied advisers to imply their services are identical to IFAs.

ScotLife believes the report does not give sufficient consideration to the continuation of the current approach.

Head of communications Alisdair Buchanan says: “The current polarisation regime has served consumers well and helped produce a more stable mar-ketplace in which consumers increasingly have a clear understanding of the status and responsibilities of their advisers.”

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