FCA survey of firms providing financial advice

This report summarises the results of a survey of 233 firms active in providing financial advice on retail investment products, carried out in November 2015. The results from this survey informed the FAMR, the proposals recommended and are being used to inform the FCA’s ongoing supervisory work in this area.

The survey sample was quiite substantial, representing around 21% of the total number of advised retail investment product sales transactions in the population of relevant firms.

There is a lot of really interesting stuff in the report. For example …

“On average, 42% of the sample firms’ revenue from regulated advice services was from advice on investments; 21% was from advice on pension accumulation; 16% was from advice on retirement income; and the remainder was from other advice areas, such as protection products, mortgages, and general insurance. Of the firms in our sample, 80% had retail investments advice revenue of less than £1m in the most recent year; the largest 20 firms had at least £4m revenue; and the largest 10 firms all had revenues over £20m.”

There is also information on …

  • types of business;
  • customer segments;
  • pot sizes;
  • firms’ charging models;
  • how firms are dealing with pensions reforms.


Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

This report contains a lot of information that should be of real interest to advisers. It is 39 pages long, but quoting little snippets from the report cannot do it justice. So we can do no better than encourage everyone to download and read it.

Action Required By You

  •  Download and read the report.

ATEB clients should speak with their account manager as necessary; otherwise contact ATEB here to find out how we can help.

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About the Author

Technical Manager - Often referred to as the Oracle or the Sage, Alistair has a wealth of financial services experience. He is our go-to Technical Manager and enjoys nothing more than a complicated conundrum. Feel free to test his renowned knowledge by getting in touch.

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