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Over half of IFAs want to retire

Over half of IFAs (58 per cent) would retire if they could afford to, according to The One Account/ Money Marketing State of the IFA nation 2004 survey.

The greatest threat to IFAs&#39 businesses is identified as professional indemnity insurance at 27 per cent, closely followed by the FSA on 25 per cent.

IFAs say they believe that the regulator is aggressively pushing the sector towards consolidation by the increasing burden of regulation and professional indemnity insurance.

Others say they struggle with clients who have become cynical towards investment decisions and are still reeling from past negative experiences.

Some say, however, that their anger is not specifically directed towards the FSA but say they feel a sense of frustration towards the added administration from regulation.

Park Row Corporate & Private Clients IFA Ian Williams says: “I would not blame IFAs for retiring if they are in a position to do so. It all comes back to regulation. The present regulation goes against the grain in the sense of human psychology. It has become totally product-driven as opposed to advice-driven, despite what the FSA says.”

New Life Financial Planning principal John Burnard says: “The FSA is making our life very difficult with PI. When they write to people, effectively asking them if they have been misled on an endowment policy, how do they expect us to react?”

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