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76% see no opportunity for entrants in proposals

Few IFAs believe the regulator&#39s proposals for polarisation will encourage new blood into the business and open up the market to new entrants.

These are two of the FSA&#39s stated objectives of its review of the polarisation regime.

Findings from George Street show that 76 per cent of IFAs are not willing to look at the creation of a lower tier of advice as an opportunity to recruit new advisers for their businesses. IFAs also do not think the generic or second-tier advi-ser will motivate lower earners to take advice, with 82 per cent say they do not think this proposal will be successful.

Baronworth Investment Services director Colin Jackson says: “It is not depolarisation or anything else that will get new people into the business.

“I think it is very condescending to lower earners as well. It is telling them they are effectively being offered a second-rate service because they are on less money.”

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