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.