The number of retail investment advisers operating in the UK increased by five per cent in the period December 2012 to July 2013, according to figures from the Financial Conduct Authority (FCA).
The FCA believes this is down to advisers re-entering the market. Consumer confidence in particular has been boosted by the professional standards set out by the Retail Distribution Review (RDR).
The RDR rules came into effect on 31 December 2012. Six months later, 97 per cent of advisers had the required qualifications and the remaining three per cent were studying for them.
Clive Adamson, director of supervision at the FCA, said:
Today’s figures show that those looking for financial advice still have plenty of options open to them. What’s more, by establishing standards across the industry we are helping to build confidence by reassuring consumers and raising the profile of the adviser profession.