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Survey reveals public’s views of CAR plan

Four out of 10 consumers say they would be more likely to use a financial adviser if their business was based on the customer-agreed remuneration model, according to Skandia.

The company says this shows why proposals for CAR should be embraced by the industry, although it says the FSA should be wary of unnecessarily increasing regulation to force the industry in this direction.

The research also found that 22 per cent of consumers say CAR would make them less likely to use a financial adviser while 38 per cent say it would make no difference.

The survey of 1,000 consumers found 58 per cent would prefer payment to be taken out of their investment rather than through an up-front fee, with 30 per cent of those favouring it taken from their investment up front and 28 per cent spread over time.

Head of marketing Billy Mackay says: “This is encouraging for advisers because it shows that, for most people, understanding the cost of advice is not going to put them off seeking it and if anything will encourage them. It is also very clear that consumers will embrace a range of ways to pay for advice.”

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