FCA updates on financial advisory market

The FCA has published its findings from its latest financial adviser survey. It surveyed over 4,000 firms and looked at data it holds on over 30,000 advisers.

Key conclusions included:

• the market is broadly stable, as it adapts to change;
• large firms account for around 50% of assets under advice;
• adviser numbers have been steady over the last few years, although numbers of firms have dropped;
• women account for only 18% of financial advisers while being part of around 60% of advised relationships;
• regulated advice still reaches only around 9% of UK adults, mainly older and wealthier ones – but nearly a third of firms are offering simplified advice; and
• there is good engagement with the Consumer Duty.