Financial Conduct Authority publishes Financial Adviser Survey findings showing market consolidation and advice reaching 9% of UK adults

The Financial Conduct Authority has published findings from its Financial Adviser Survey, based on responses from more than 4,100 financial advice firms alongside analysis of FCA data on around 31,000 advisers. The results depict a broadly stable UK advice market that continues to serve millions of clients while firms adapt to consolidation, new business models and technology. Survey respondents advise on around GBP 1 trillion of assets for more than 4.1 million clients, with large firms accounting for about 50% of assets under advice. Adviser numbers have stayed broadly steady at around 31,000 since 2023 despite a 15% fall in the number of authorised advice firms since 2021, pointing to consolidation rather than reduced advice provision. Women account for around 18% of financial advisers despite being part of around 60% of advised client relationships, and regulated advice remains concentrated among older and wealthier consumers, reaching around 9% of UK adults; nearly a third of firms are considering simplified advice propositions to expand access, particularly for mass affluent consumers. The FCA also reports positive engagement with the Consumer Duty, particularly in pensions and retirement advice, which represent 69% of clients’ main advice objectives.