One in 24 Brits receive ongoing financial advice - FCA stats

Regulator's data bulletin

Tom Ellis
clock • 1 min read

One in 24 UK adults receive ongoing financial advice, according to the Financial Conduct Authority's (FCA) latest statistics.

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Autumn Budget 24: Golden opportunity for advice to prove its worth

Autumn Budget 24: Golden opportunity for advice to prove its worth

Editor’s view: Advisers must and will step up to the plate

Jen Frost
clock 30 October 2024 • 2 min read
Advisers and specialists reveal their levels of Budget optimism

Advisers and specialists reveal their levels of Budget optimism

Autumn Budget could 'affect nearly everyone’

Isabel Baxter
clock 30 October 2024 • 6 min read
Clients experiencing fraud can become vulnerable 'in an instant'

Clients experiencing fraud can become vulnerable 'in an instant'

It can be ‘hard’ for firms to convince customers they are being scammed

Jen Frost
clock 29 October 2024 • 3 min read