One in 24 Brits receive ongoing financial advice - FCA stats

The regulator's data bulletin on adviser Retail Mediation Activities Returns (RMAR) published on 25 May, showed 2.2 million people had paid for ongoing advice in the last year. This equated to roughly one in 24 adults in the UK - or about 4% of the adult population - based on the Office for National Statistics' population estimate for 2016 of 52.2 million adults. The sector is also growing, with advisers taking on 562,567 new clients in 2016, while 123,169 clients ceased receiving advice - a net increase of 439,398 clients in the sector. In terms of overall revenue, advisers genera...