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Advisers are not convinced about generic advice, says Unbiased.co.uk

Only 16 per cent of advisers say a generic advice system will improve the take-up of savings products, according to research by Unbiased.co.uk.

The results show that 24 per cent of IFAs believe a generic advice model will lead to a decline in the take-up of savings products and 61 per cent think it will have no impact.

Unbiased.co.uk says that IFAs also welcome the apparent FSA u-turn on linking the word independent to remuneration methods, rather than to whole of market advice.

Unbiased adds that IFAs are in favour of increasing the level of qualifications amongst their profession, with 74 per cent stating that it is important to hold incremental qualifications over and above the current benchmark.

Unbiased.co.uk chief executive David Elms says: “We have seen a multitude of different views and opinions on the future shape of the UK financial advice market over the last six months.

“Looking forward, the debate needs to focus on the nitty gritty of creating transparent payment options for consumers that apply on a level playing basis across all distribution types.”

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