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Public are backing Polarisation

IFAs have had a ringing endorsement from people who buy financial products, with 89 per cent saying they know what the term independent means, according to research by Aifa and IFA Promotion.

The survey reveals over 60 per cent of consumers would choose an IFA over tied agents.

Aifa says this response from 500 consumers shows “clarity remains polarisation&#39s greatest asset” and confirms FSA research findings that consumers know the difference between independent and tied.

It says if it is the FSA&#39s intention to change the regime, it must “introduce more stringent rules on status disclosure” to avoid public confusion.

When asked which statement best fitted the description of an IFA, 57 per cent said IFAs choose from all the products/policies available on the market and 65 per cent know a tied agent can only choose the products of one company.

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