FCA reports that adviser numbers in 2014 are stable
As reported today by New Model Adviser, adviser numbers have remained relatively stable between January 2014 and October 2014, with only a slot drop of 383 during this period, from 21,881 to 21,946.
This though does represent a drop of 10% from the estimated number of advisers in the summer of 2012 shortly before the implantation of the Retail Distribution Review, which stood at 23,787. However there has been a 5% increase since January 2013, suggesting that the sector has rebounded well.
It has been a different story within the bancassurance sector. During the same January to October 2014 period banking adviser numbers fell by 11%, which has further exacerbated the huge fall in numbers from this sector from an estimated 6,655 in the summer of 2012 to 3,182 by October 2014.
The FCA also confirmed that they had received 3,042 applications from prospective candidates since 1st May 2014.