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&#39Restoring consumer faith more vital than economy&#39

Restoration of consumer trust is a bigger concern for the financial

services industry than the poor state of the economy, according to a

survey by software house Focus Solutions.

The survey of 33 major product providers and IFAs shows that

restoring customer trust was the biggest challenge, with a weighted

scoring of 3.89 out of a maximum of six, followed by the poor state

of the economy which scored 3.65 and concerns over having to

distribute a wider range of products on 2.33.

The survey also found that two-thirds of all pro-viders and IFA firms

are planning to implement e-business projects to support new

distribution strategies in the next six months as a result of

depolarisation.

Focus director of market propositions Nigel Smith says: “While the

Government is trying to get the public to save, there is a concern

that the public is turned off financial services providers and

intermediaries and trust is clearly an issue.”

Riach Independent Fin-ancial Advisers proprietor Bob Riach says:

“With endowment shortfalls and pension complaints, there is a lot of

bad news out there but a few months of good returns will see their

trust return.”

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