John Tiner, chief executive of the Financial Services Authority said that the UK regulator will investigate the need for regulatory intervention if its objectives for soft commission and unbundling are not met by the end of the year.

In a speech at a CBI financial services council meeting Tiner said: "There has been some misplaced comment about the FSA backtracking on our proposals on soft commissions and unbundling. Perhaps I could clarify. We are not."