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FSA rejects fears advisers will dump mass-market clients

FSA rejects fears advisers will dump mass-market clients

The Financial Services Authority (FSA) has rejected fears that the retail distribution review (RDR) will lead to advisers dumping their mass-market clients, The Sunday Times has reported.

The FSA has pointed to the results of a survey it has conducted showing 63% of advisers plan to to retain clients with savings and investments worth between £20,000 and £75,000, while 38% will retain those with less than £20,000.

The survey follows a study by accountancy firm Deloitte that claimed 5.5 million clients would no longer seek financial advice after the introduction of the RDR.

FSA head of investment intermediaries Linda Woodall (pictured) said: ‘We are encouraged to see that a large number of advisers plan to provide advice to people with smaller pots to invest. It is important that a range of services will be available for consumers once the changes to financial advice come in.’

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