Steve Hagues is managing director of Retiring IFA
Key points
The number of advisers employed by banks and building societies has fallen by 44.5 per cent from 8658 to 4809 at the start of the year.
Research into the reasons why advisers were buying and selling their businesses found that 96 out of 150 said they were going to retire.
RDR has reshaped the way the industry thinks and acts and boosted the perception of professionalism
Chronology
September 2012
• FSA figures show that only 76 per cent – 27,400 – of advisers hold a level-four qualification and have completed the necessary gap-fill to operate under the new rules.
• A further 10 per cent – 3700 out of approximately 37,000 advisers – are still waiting for the results of their final exams.
November 2012
• FSA estimates 32,000 retail investment advisers would be RDR-ready
January 2013
Chartered Insurance Institute said it had issued 21,152 statements of professional standing
February 2013
FSA RDR readiness survey reports 35,899 retail investment advisers, a fall of 11.5 per cent compared to summer 2011.
March 2013
FSA admits 13 per cent fall in number of advisers
Source: FSA/FCA
