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Aifa accepts idea for advice

Aifa says it is keen to work with consumer bodies to develop a new type of

generic adviser, offering free or lowcost advice to lower-income

individuals.

It says it now supports the debate on increasing access to financial

advice after it had expressed initial concern over the Consumers&#39

Association and the FS Consumer Panel&#39s suggestion of creating a

“para-financial adviser” offering a first stage of basic advice.

Aifa director general Paul Smee says the CA&#39s response suggesting the need

for a new generic adviser is interesting and challenging. But he is calling

for research into whether the perceived gap in the market to provide

affordable advice to low-income groups is real.

He says the concept of a generic adviser needs testing, areas of

responsibility clarified and they should be part of an advice framework to

ensure people are passed onto an IFA for further specific advice.

Aifa also says the Government should investigate a means of funding such

advice.

This week marks the last chance to win a £10,000 makeover for your

garden, courtesy of Merrill Lynch Investment Managers. To win the chance to

create your own garden or win one of 30 pairs of tickets to the Chelsea

Flower Show on May 24 or 25, sponsored by Merrill,simply answer the three

questions on page 22.

DOCE:

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