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We challenge the FSA to reveal recommendation

Money Marketing&#39s Poles Apart campaign is demanding that the FSA goes public with its recommendation to the Treasury on polarisation, amid fears it will refuse to do so.

The regulator has not decided whether to confirm it will go public, provoking a furious reaction from IFA leaders.

The row comes as Treasury economic secretary Melanie Johnson has welcomed Money Marketing&#39s Poles Apart campaign but has not provided any answers to the10 questions we have posed.

IFAs fear the uncertainty is already provoking a scramble for distribution, raising fears of a repeat of the turmoilthat accompanied the crea-tion of the tied/IFA divide in the 1980s.

IFAs say Allied Dunbar has stepped up approaches to them in the last three months in a bid to sign them up as franchisees, a group whichis widely expected to ben-efit from multi-ties or multi-product ties.

IFAs approached include London-based Michael Philips and Carrington Investment Consultants and Norwich-based Hulbert Financial Services.

DBS confirms that manyof its members have alsobeen approached.

Aifa director general Paul Smee says: “I think it would set an extremely bad precedent if the FSA does notgo public.”

Michael Philips partner Michael Both says: “The Dunbar rep implied that multi-ties were inevitable.”

DBS chief executiveTony Kempster says: “Allied Dunbar have been very active for the last three months offering five and six figure sumsto my members.”

Allied Dunbar spokeswoman Sandra Paul says: “We view the franchisee network as a competitor to IFA networks so we are in the business of recruiting top IFAs.”

l 10 questions, p108


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