Large firms' ongoing advice charges outstrip smaller businesses, FCA data

For clients with £10,000 or less, large firms charge a percentage for ongoing investment advice of 0.88% compared with small firms that charge 0.6% and very small firms at 0.5%. Charges levied by large, small and very small firms only level out at the highest bracket surveyed of £1m and over. The data comes from a survey the FCA conducted across 233 firms providing advice on retail investments and was used to inform the Financial Advice Market Review (FAMR) final report released last month. The large firm bracket comprises firms with ten or more advisers, 'small firms' refers to th...