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FCA reveals 11% fall in bank adviser numbers

The number of bank and building society advisers continued to fall this year while the number of financial advisers experienced a slight drop, the latest FCA figures reveal.

Figures released by the FCA show the number of bank and building society advisers fell by a further 11 per cent between January and October, from 3,556 to 3,182.

This is on top of a 23 per cent fall between July 2013 and January, and represents just over a third of the 8,658 bank and building society advisers operating at the end of 2011.

The figures show there was a 2 per cent fall in financial adviser numbers between January and October, from 21,881 to 21,496.

The number of discretionary investment managers is down 5 per cent over the same period, from 1,787 to 1,698.

Overall, the number of advisers fell slightly, from 31,220 in January to 31,153 last month. 


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