The number of retail investment advisers working in the UK plummeted almost 12 per cent in the build-up to the RDR deadline, FSA research reveals.
According to the regulator, there were 35,899 retail investment advisers in Summer 2012 – a fall of 11.5 per cent on the previous year. IFAs were the largest group, representing 58 per cent of all RIAs, followed by advisers in banks or building societies at 19 per cent.”http://www.moneymarketing.co.uk/regulation/fsa-adviser-numbers-fell-12-in-rdr-build-up/1066056.article”
Some 89 per cent of the 1,436 advisers surveyed said they are definitely or likely to remain an RIA, while 6 per cent are planning to leave the industry.
The remaining 5 per cent will either retire as planned, have not yet decided what they will do or are unsure of their prospects.
The FSA says it will publish a full report detailing the findings of the survey shortly.
This follows separate research published by the FSA in November which suggested around 12 per cent of IFAs are likely to switch to offering restricted advice post-RDR.
This means that there are a lot more people looking for Financial Advice with a lot less of advisers there to give them advice, it is my opinion that the FSA have alienated a lot of consumers from getting the basic advice they need as the majority of Financial Advisers will want a fee for the less well off clients.
I am happy to do a full financial review free of charge on the first consultation, so please feel free to contact me.