UK adviser income up by 5 per cent
British financial advisers have seen their income increase by an average of 5 per cent since the introduction of the FOFA-like Retail Distribution Review reforms, according to the UK regulator.
The Financial Conduct Authority has revealed positive statistics for the post-RDR financial advice community in the UK, responding to claims by the Association of Professional Financial Advisers that many British consumers have been priced out of advice.
“We don’t recognise the industry that Apfa is describing,” an FCA spokesperson told UK trade publication FT Adviser. “We know that adviser numbers have actually risen since RDR came into effect. Recent research from NMG has shown that advisers have seen, on average, a 5 per cent increase in income in 2013.
“The same research also found that the vast majority of consumers with assets to invest, even relatively small amounts, were comfortable with paying fees in line with those charged by leading firms in the industry.”
The results reflect a statistic from July that financial planner numbers in the UK declined by 25 per cent in the lead-up to the reforms' implementation date.
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