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Support for IFAs and FSA

IFAs fulfil an invaluable role for small and medium-sized investors and are unfairly criticised because of the actions of a few, says New Star chairman John Duffield.

He says the big banks are not as interested in the smaller investor, who he believes will suffer if IFAs are squeezed out of the market.

He says: “Someone with 10,000 or 50,000 needs advice even more than a rich person and these advisers need to be paid properly.

“The IFAs are fulfilling an indispensable role and because sometimes it goes wrong and you get bear markets where everyone loses money, they are unfairly criticised.”

Duffield believes that the FSA is playing a major role in the continuing success of London as a global finance centre. He says: “London is a highly successful financial centre. Quite a lot of people in New York now accept that London is more important and it is miles ahead in Europe.

“If the London financial community is doing very well, which it is, the regulator plays a very important role. The regulator presides over it and it would not be so successful if it was not doing an excellent job.”

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