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Sandler: My task is to blend reviews

Ron Sandler has welcomed the FSA&#39s plans for polarisation, calling it an inevitable step forward but conceding that IFAs may be concerned about the prospects for change.

In a speech at an ABI Conference in London this week entitled, The Savings Gap and the Sandler Review, he said IFAs will have serious questions to ask themselves about their future in deciding whe-ther to remain independent or succumb and go multi-tied.

Sandler denied that the announcement makes his review superfluous, saying the task he faces is stepping aside from all the various reviews, including the FSA&#39s, the Penrose inquiry and the Pickering review and blend them together.

This is despite the fact that in the last two months, the FSA has issued papers on with-profits, IFA examinations and expertise and now polarisation and commission, the main issues targeted in Sandler&#39s consultation paper last July.

Sandler said: “I am happy to welcome the broad approach the FSA is taking. The FSA is pointing the industry in a direction which is both desirable and inevitable.”

Afterwards, he said: “The FSA has a very specific remit. They are not an economic regulator. They are not concerned about industry efficiency, at least directly. Their concerns have to do with consumer protection, prudential regulation and matters of that nature. The principle concern of my review is to ensure the consumer gets value for money.

“I think anytime there is change it needs to be carefully looked at and understood. I can understand anyone who is likely to be at the receiving end of that change could be concerned which will need to be carefully addressed.”

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