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Latest FCA data shows continued lack of adviser diversity

Women working in the officeLess than a third of financial advisers are female, the FCA estimates in its latest data.

According to responses to Freedom of Information Act requests published on the regulator’s website today, there are around 35,000 individuals with advice permissions across financial advice firms, banks, building societies, investment managers and stockbrokers, split across some 5,800 firms.

Rhe FCA says that while it cannot provide a breakdown of exactly how many financial advisers are female, using all individuals holding CF30 permissions as a proxy, just 10,555 were female as at 3 December last year.

The customer function CF30 applies to all staff advising on investments, but can also include some investment managers and those that give corporate finance advice.

Because the FCA does not request gender information on approved person applications, it uses titles such as Mrs, Miss, Ms and Lady to estimate the proportion of female CF30 holders, and therefore advisers.

Another FOIA response published by the regulator today suggests a similar lack of gender diversity in approved person roles more widely – roles which apply to “controlled functions” for which candidates must be vetted beforehand.

In 2018, just 3,161 of the 17,343 applicants for an approved person role were female, and 42 of the 145 candidates who were eventually approved following an interview process were women.

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There are 2 comments at the moment, we would love to hear your opinion too.

  1. And this is a surprise, do the FCA never attend IFA meetings or network meetings?
    Does it really matter?
    The next question in this PC environment we now live in will be how many LGBTQIA advisers are there?
    Does any of this matter if our clients are getting the right advice?

  2. As someone who has been in this profession since the 1980s these statistics suggest, far from a “continued lack of gender diversity”, a significant turnaround in female representation over the last decade or two.

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