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Over half of IFAs do not understand personal accounts

Only 9 per cent of IFAs believe that personal accounts are a positive move for the financial services market according to research from The Pensions Report 2007.

The report, produced in partnership with TaxBriefs, has also revealed that 56 per cent of IFAs do not have a good understanding of the government’s proposed personal accounts scheme.

Furthermore, 42 per cent of the 1,000 advisers surveyed believed that the introduction of personal accounts will have no impact on their business.

The Pensions Report is due to announce its full findings on October 9, 2007 and has revealed that 81 per cent of brokers believe that consolidation of older schemes is a key driver of their pensions business.

Nearly a quarter of those surveyed, 24 per cent, say pensions transfers represent over 50 per cent of their business.

The Pensions Report chairman Malcolm Small says: “The fact that this year’s research shows that IFAs feel they do not have a good understanding of personal accounts is a worrying sign for everybody within the pensions industry. If the scheme is to be a success we will need consumers to re-engage with pensions and providing them with accurate and reliable information about the options open to them will be a key aspect of this.”

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