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New data sheds light on gender bias in advice

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Just 13 per cent of advisers are female, new data shows.

According to a Freedom of Information Act request to the FCA, as at July this year, only 3,310 of 26,240 advisers holding CF30 controlled functions with the regulator were women.

The FCA was unable to discern the same ratio amongst chartered advisers because it does not collect information on level 6 qualifications as these are not a regulatory requirement.

The proportion of women among advisers that have been registered longer than ten years falls to 10 per cent, or 1,957 of the 19,320 in the market.

Across controlled functions in the wider financial services sector in 2015, FCA data also released under the FOIA show that, among individuals holding CF3 or chief executive controlled functions, 2,431 of 2,626 holders were men, nearly 93 per cent.

At partner level, the proportion of males is 88 per cent.

The data adds to figures released by the FCA this week show that nearly half of all advice firms are based in London.

Of the 2903 new advice firms the FCA has authorised since 2010, 1275, or 43 per cent, are based in the capital. The South-west has the next highest number of firms, with 265, followed by the North-west which has 198.

The region with the lowest number of advice firms is Northern Ireland, which has just 36, followed by the North East, with 73 firms, and Wales with 80.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Not sure of the relevance of these figures relating to male/female advisers. Is there any suggestion of bias against female advisers? Surely not.

  2. And the point is?

  3. Don’t worry the FCA will come with RDR 3 to get rid of this bias

  4. I would have thought the relevance was fairly obvious. Bearing in mind 50% of the population is female, why are so few advisers female? And is the lack of female advisers in turn affecting or restricting how prospective female clients obtain financial advice? It’s possible some of them would want to avoid receiving advice from patronising male advisers. Just a thought.

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