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.
FCA expectations – temporary long term absence
Richard Foster Compliance 2020, 2021, Certification, Conduct, Directory, FCA, PI, Register, Senior Manager, transfer
Following consultation in CP20/23, which was published in December 2020, the FCA has made changes to the Handbook. The affected sections are: SYSC 25.4 FIT 1.3 SUP 10A.14, 10C.9, 10C.10, 10C.11, 10C.14, 10C Annex 2G and 10C Annex 6R Form D In summary, the changes to the Handbook are intended to reflect the FCA’s […]