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Advisers will not dump middle-class savers, says watchdog

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The majority of financial advisers will not dump less wealthy clients as a result of the Retail Distribution Review (RDR) according to the Financial Services Authority.

A survey from the watchdog, seen by the Sunday Times, found 63% of advisers plan to retain clients with savings and investments worth between £20,000 and £75,000. About 40% said they would work with people who had less than £20,000.

This contrasts to the Deloitte poll which found 5.5 million people would be left as ‘financial advice orphans’ after 1 January.

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