The Treasury and FSA are being challenged to come clean on their plans for polarisation ina Money Marketing campaign.
MM is launching the Poles Apart campaign, backed by the Consumers' Association and major IFAs, to press the Government and regulator to answer 10 key questions which we believe must be answered before any change is considered.
The campaign comes as industry insiders indicate the FSA is set to examine what impact multi-ties will have on the IFA market, fuelling fears that the regulator, under Treasury pressure, sees change as inevitable.
But in a poll of IFAs carr-ied out by Money Marketing this week, 90 per cent backed the status quo while just 3 per cent advocated multi-ties or white labelling.
The position of the ABI is also under scrutiny. It called for gap-filling, known as white labelling, in a submission to the FSA, which it says was in responseto members' concerns.
But of 25 life offices approached, only Allied Dunbar and Pearl publicly supported any change in the status quo.
Consumers' Association spokeswoman Louise Hanson says: “We welcome Money Marketing's efforts to get some answers from the Treasury about the proposed changes in the current polarisation arrangement. The existing system is the best option available. Multi-ties will create further confusion for the consumer.”
Pensions & Investment Management partner Phil Moore says: “It is important we havea campaign defending the polarisation cause.”
10 vital questions, p5; Comment, p29