According to Songfacts, Tony Banks explained in The Way We Walk DVD:

I can understand why people say that, but in a way I resent it because it’s very much my chord sequence. The reason why it sound like Phil a bit is because there are certain kind of chords that I went to because his voice sounds good over them. I put them together in a particular kind of way that I thought was quite attractive.

He also told Songfacts:

I used to get a look from Mike or Phil and they’d say, ‘You’ve gone too far this time.’ But, I would try to slip a few things in without them noticing. Even a simple song like “Hold On My Heart“, the opening chords are pretty exotic, actually, and I crept those in without them really noticing what was happening.