Tony Ward, Britannic Money chief executive, said: "On the question of independence in CP146, it was felt that this issue could not be properly considered until the polarisation review had been concluded. The FSA's announcement has provided some clarification to the investment market - but in the mortgage market we are still very much in the dark. Now that this decision is made, the FSA should consider providing further information on how this could work in the mortgage market and re-consulting on this particular question."
Britannic Money's plea comes in the wake of Howard Davies' announcement at the AIFA Annual Dinner last week to proceed with the abolition of the polarisation regime and on the strength of the comments made by the FSA in CP146. When consulting on the question of independence in CP146 the FSA stated 'we would also need to consider whether to extend the requirements to include any we might decided to impose on IFAs in the investment business market following consideration of responses to CP121.' It is these missing 'requirements' that now need clarification.
