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76% of IFAs fear negative polar impact

Three-quarters of IFAs bel-ieve the proposed changes to the polarisation regime will negatively affect their businesses, according to a survey from the Insurance Marketing Department.

Seventy-six per cent said they expected the negative impact to be major and only 14 per cent said they thought the changes would be beneficial to their businesses. Two-thirds of this group said any positive results would be only at a modest level.

The survey shows IFAs believe the proposals will benefit direct distribution and multi-tied agents at their expense.

Two-thirds view the pro-spect of multi-ties as a threat or significant threat to their businesses.

Ninety per cent of IFAs say the move to scrap the better than best rules, allowing providers to take stakes in firms, will significantly or at least to some extent reduce choice for consumers.

Respondents conclude that as a result of the def-ined-payment system, most IFAs will end up only servicing high-net-worth cli-ents, leaving the majority of consumers at the mercy of the banks.

The survey was sent to over 100 IFAs shortly after the proposals were published a month ago.

Insurance Marketing Department director Ste-phen Phillips says: “The survey shows IFAs are det-ermined to overcome these potential threats to their businesses and that they have thought through what the proposals mean.”

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