Around 12 per cent of IFAs are likely to switch to offering restricted advice post-RDR, according to figures from the FSA.
The latest statistics from the regulator on adviser RDR readiness show that, based on a survey of 1,436 advisers, 66 per cent are currently IFAs and 34 per cent are restricted. Twelve per cent of IFAs say they are likely to offer restricted advice while 88 per cent say they will remain independent.
Only 1 per cent of restricted advisers say they are likely to offer independent advice.
As at Q3, 86 per cent of advisers were qualified to QCF level four or above, with a further 10 per cent either waiting for the results of their final exam or still studying.
Some 76 per cent of those polled held both a qualification and had completed any necessary gap-fill.
An FSA spokeswoman says: “We expect that the level of qualified advisers will increase further by 31 December.”
When advisers were asked what they intend to do after 31 December, 89 per cent of respondents said they will definitely or are likely to remain an adviser, 5 per cent intend to retire earlier than planned and either leave the industry or take up another industry role, and 1 per cent said they will retire as planned.
The latest figures on RDR readiness follow news yesterday that 63 per cent of advisers polled by the FSA are looking to retain clients with savings and investments of between £20,000 and £75,000, and 38 per cent of advisers plan to continue servicing clients with less than £20,000.