The number of financial advisers has increased 6 per cent since the start of the RDR, from 20,453 to 21,684, as more advisers pass the new required qualifications.
The total number of advisers, including bank advisers, IFAs, restricted advisers, discretionary advisers and stockbrokers is up 5 per cent, from 31,132 to 32,690.
Money Marketing revealed in March that the number of IFAs and resticted advisers operating on the first day of the RDR was 20 per cent lower than the number estimated by the FSA to be operating the previous year, from 25,616 to 20,453. The number of bank advisers fell by 44 per cent in the same period, from 8,658 to 4,809.
The new statistics, as of 31 July, show the number of IFAs and restricted advisers has increased 6 per cent since then. There is no breakdown of the number of IFAs.
The number of bank and building society advisers fell another 4 per cent in the same period to 4,604.
The number of discretionary fund managers shot up 24 per cent from 1,435 as at the end of December to 1,784 as at the end of July. Over the same period the number of stockbroking firms rose 11 per cent 2,043 to 2,267.
FCA director of supervision Clive Adamson says: “Today’s figures show that those looking for financial advice still have plenty of options open to them. What’s more, by establishing standards across the industry we are helping to build confidence by reassuring consumers and raising the profile of the adviser profession.”
|Table 1: Adviser numbers as of 31.07.13|
|Fully Qualified||Partly Qualified||Total|
|Bank and Building Society||4311||293||4604|
|Discretionary Investment manager||1752||32||1784|
|Top 4 categories TOTAL||29533||807||30340|
|Top 4 categories as % of total||93.00%||92.00%||93.00%|
|Table 2: Adviser numbers (estimated 2012 and actual end 2012 and 2013)|
|Estimate in summer 2012||Actual 31.12.12||Actual 31.07.13|
|Banks and Building Societies||6655||4810||4604|
|Discretionary Investment Managers||875||1435||1784|