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Govt given thumbs down

IFAs have delivered a resounding vote of no confidence to the Government, with more than 80 per cent saying its handling of financial services has been poor in the past four years.

Eighty-three per cent of the 280 respondents in the Money Marketing/Virgin One Stateof the IFA Nation survey say the Government&#39s running of the financial sector has been poor or not very good.

Just 2 per cent believe the Government has done either a very good or good job over the past few years, with 15 per cent saying its performance is fair.

In terms of how well Chancellor Gordon Brown has done in establishing a favourable climate for private savers and investors, 73 per cent of IFAs believe he has acted poorly while 27 per cent say his performance has been good.

The research highlights how divided independent advisers were about the way the Government had treated them over the past few years before the FSA decided to scrap polarisation.

Forty-seven per cent believed the Chancellor had dealt with them fairly while 53 per cent said they have been treated poorly.

However, IFAs say their opinion of the Government has changed radically since the FSA made its controversial decision.

Wentworth Rose managing director Philip Rose says: “Until CP121, IFAs as a group had not been given a particularly hard time.

“But since then I would find it difficult to believe that any IFA would see what has happened as being in any way fair. The Government has been tremendously poor at handling complex issues.”

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