De-polarisation

Polarisation, the strict distinction between financial advisers who are independent of product providers and tied agents, is likely to end next year, Howard Davies, FSA chairman, indicated recently. Speaking at the Foreign Banks and Securities Houses Association conference at the end of November, Mr Davies said that he expected “a detailed consultation paper with some clear proposals for change, very early in the New Year.” The announcement has dismayed independent financial advisers who believe that any relaxation of the existing demarcation will confuse consumers.