Tebbutt says, “No one was ready for M-Day and we could be heading towards a situation where a vast number of companies will not meet the June 1 deadline.” Tebbutt accuses IFAs of “burying their heads in the sand and waiting for someone else to do it”. He says: “Advisers need to act now and make a decision. If you do not get your initial disclosure document and menu system ready, then you will not be able to trade and your business might not survive.” Tebbutt says the blame for the lack of preparation in the market lies squarely with the principals of IFA firms and not with the FSA. FSA spokesman Robin Gordon Walker says the regulator is not yet in a position to gauge how ready IFAs are for June 1 but expects to issue a statement later this month. But Gordon Walker says: “If we find companies that are not moving across to multi-tied arrangements have not got their menu systems in place, we will be taking an interest.” Millfield, which has already taken advantage of depolarisation with its multi-tie proposition, will be holding a series of seminars for IFAs in April and May. The seminars will provide advice to IFAs on how to prepare for depolarisation and take advantage of it.