08 Dec 8% Drop in Adviser Numbers as RDR Draws Nearer
Research commissioned by the Financial Services Authority (FSA) has revealed that there are now 8% fewer registered individuals today than there were during the same point in 2010.
The report contained a like-for-like comparison between RI populations in both 2010 and 2011, showing an overall decline in numbers of 7.9%. The research applied to all types of financial advisers, barring tied advice firms, appointed representatives and those calling themselves wealth managers
The paper said "We are aware of wider concerns that departures from the industry might partly be a reaction to the requirements of the RDR [retail distribution review], and that this effect might intensify as the deadline for the introduction of the new rules, 31 December 2012, draws closer."