After deploying the FEP 2010 Server, you not be able to see the FEP Policies !!! So yes it can happen.
The version of microsoft.configurationmanagement.managementprovider.dll file under <Installation path>\Microsoft Configuration Manager\AdminUI\bin has not been updated from 4.00.6487.2000 to 4.00.6487.2156 after installing the hotfix KB2271736 !!!
The solution :
1. Close the Configuration Manager console.
2. Rename microsoft.configurationmanagement.managementprovider.dll to microsoft.configurationmanagement.managementproviderOLD.dll
3. Reapply the hotfix KB2271736 , a new DLL file will be created
Now you can see the good version of the DLL file and FEP 2010 policies are visible in the Configuration Manager console.
Note also, this problem might appears not only on the FEP server, but also on a remote ConfigMgr console.