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Smee bitterly disappointed

The director general of Aifa Paul Smee says he is bitterly disappointed at the Government decision on polarisation.

The move has also been criticised by the country’s top life office Norwich Union which says it believes the Government should have gone down the gap filling route.

Smee has hit out at the decision for adding to public confusion. But Smee emphasises that all is not lost yet with the full consultation to be held before changes are made to the regime for other products.

The first criticisms have also come from consultancy Ernst & Young and the Association of Investment Trust Companies.

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