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Torquil Clark says change is 15 year backward step

IFA Torquil Clark has hit out at the end of polarisation claiming it may lead to misselling on the tied side and condemning the move as a 15-year step back in time. But the IFA has welcomed the FSA move to give more clarification on fees at the outset of a transaction.

Torquil Clark investment strategist Philippa Gee says: “But the ending of polarisation encourages misselling. If tied agents have more products to sell, commission will be more of an issue for them. The proposals are a 15 year step back in time and say that all the work done in regulating polarisation over the last 15 years was a waste of time.”

“I am pleased to see the FSA wants clarification of fees at the outset. This will help consumers now where they stand and will encourage the public to trust the adviser more.”

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