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Only 12% of IFAs will go restricted

FSA Front 480

Only 12 per cent of IFAs are likely to switch to offering restricted advice post-RDR, according to figures from the FSA.

The regulator’s latest statistics on RDR readiness show that, based on a survey of 1,436 advisers, 66 per cent are currently IFAs and 44 per cent are restricted. Twelve per cent of IFAs say they are likely to offer restricted advice while 88 per cent say they are likely to remain independent. Only 1 per cent of restricted advisers say they are likely to offer independent advice.

In 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 studying. Some 76 per cent held both the qualification and relevant gap-fill.

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.

Investment Quorum chief executive Lee Robertson says: “I suspect more than 12 per cent of IFAs will go restricted.”

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