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Consumers will be the losers, say 92% of advisers

Ninety-two per cent of IFAs think consumers will be worse off following the FSA&#39s proposed changes to polarisation, with only 6 per cent believing the public will benefit.

The finding comes des-pite the FSA consistently maintaining that consumers will benefit most from the changes.

The numbers did not vary depending on region or income, with independent advisers from all parts of the country earning varying amounts claiming that the changes will almost certainly have a detrimental effect on consumers.

Only 13 respondents out of 233 said consumers would benefit from the changes.

One adviser said there will be better value for money and two IFAs believe better advice will be available.

The FSA has refused to comment on the results of the survey.

IFA Pensions & Investment Management principal Phil Moore says: “We are going to have to re-educate the consumer about what multi-ties will look like and we do not even know that at this point.

“I think it will be three to five years until the consumer understands what is available on the marketplace again.”

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