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IFAs say Brown not doing enough to push savings

Less than one in three IFAs believe Chancellor Gordon Brown is doing a good job to promote savings and investment among the public.

Thirty-six per cent believe pensions will be a growing part of their business and 25 per cent said they are seeing a decline in pension business despite publicity surrounding the launch of stakeholder.

The report, produced by George Street Research in association with Money Marketing, says 66 per cent of IFAs do not believe Brown has done enough to promote savings and investment.

National IFAs are more likely than smaller IFAs to make an active effort to sell stakeholder, with 57 per cent of national firms positively marketing stakeholder compared with 43 per cent of other firms. Sixty-two per cent of national firms expect pension business to grow.

The research also found 65 per cent of IFAs expect fee-based business to increase with the introduction of stakeholder. IFAs who anticipate a decline in pension business said they would focus their advice mainly on investment and protection markets.

George Street Research managing director Jo Fawcett says: “These findings support earlier research, which suggests a majority of IFAs think stakeholder will make little or no difference to overall levels of pension investment.

“IFAs expect growth in pension business to be supported by an increase in fee-based business. It remains to be seen whether those people stakeholder is aimed at will be willing or able to pay those fees.”

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