Representatives from the Consumers' Association say they will fight to stop any further relaxatio...
Representatives from the Consumers' Association say they will fight to stop any further relaxation of polarisation rules, following the FSA's announcement clarifying how stakeholder pensions should be sold and adviced upon.
Mick McAteer, senior policy adviser at the CA, says the polarisation should not have been reformed at all because it would bring further complexity for consumers and make it difficult to "get a good deal".
According to McAteer, the Consumers' Association is pushing to stop any further changes, because they believe that the only way to improve conditions for the consumer is to make it clear that they will be receiving independent advice.
"We are very keen to see the relaxation of polarisation not going any further and it should stop with stakeholder pensions. It is to the IFA associations to promote the importance of IFAs, of course, but one of the reasons we don't want the reforms is that when people go to the bank, they don't realise that they are not getting independent advice. It gives the impression that the banks are looking at the best of the products from across the market, but they are not," says McAteer.
"We appreciate how complex stakeholder pensions are, however we don't want the same to happen with other products. The confusion that will result will outweigh the benefits and there is no logic to the change."
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