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Three-quarters of firms see no benefits to depolarisation

Three-quarters of IFAs see nothing to welcome in the FSA&#39s proposed changes to polarisation, according to the report by George Street Research.

Respondents were asked to state what are the most welcome aspects of the changes and 154 out of 204 companies said they could not see any positive aspects in the proposals.

The prospect of moving to a fee basis was the most worrying aspect of the changes for 17 per cent of IFAs.

Other major IFA concerns are being forced to move away from commission, blurring the distinction between tied and independent advisers, customer confusion and the prospect of multi-ties.

Only nine respondents believe that the move away from commission towards a defined-payment system is a positive step.

Only seven firms bel-ieve the proposals will lead to more independent adv-ice being available.

IFA firms across the board, regardless of type, speciality or location, say there is nothing positive in the proposals.

This includes 84 per cent of IFAs who specialise in mortgages, 85 per cent of protection IFAs, 74 per cent of pension IFAs and 73 per cent of independents who focus on investments.

Clancy&#39s Financial and Business Advisers partner Jim Clancy says: “It does not surprise me that there are these types of results.

“The more I look into CP121, it is definitely in favour of the banks and building societies.”

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