The FCA today published its report on its survey of firms providing financial advice. This report summarises the results of a survey of 233 firms active in providing financial advice on retail investment products, carried out in November 2015. The results from this survey informed Financial Advice Market Review (FAMR) and the proposals recommended. Additionally, the results of this survey are being used to inform the FCA’s ongoing supervisory work in this area.
It was used to gain a better understanding about the profile of the customers of advice firms, the barriers that firms face in expanding the provision of advice to the mass market, the use of technology in the advice process, and the advice firms’ views on the future of the advice market.
The full report can be found here.