Thousands of advisers have yet to obtain their mandatory statement of professional standing (SPS), according to figures from accredited bodies.
There were 36,000 retail investment advisers in the industry according to a Financial Services Authority (FSA) estimate made prior to 31 December, when the Retail Distribution Review (RDR) rules came into force.
However, to date, only 27,891 SPSs have been issued from seven of the eight accredited bodies.
Though we are still in a 60-day grace period for some advisers to obtain their certificates - while others have been granted waivers - the figure suggests thousands may have left the industry.
The FSA has previously estimated that, post-RDR, there will be 32,000 still operating.
An SPS is an annual written confirmation from an FSA accredited body that an adviser has met the RDR requirements.
There are some advisers still legally giving advice without an SPS, as there is a 60-day window from 1 January for advisers to apply for one provided they are qualified to RDR standard.
New entrants to the industry have also been given leeway with the "30 month rule", which gives them more time to gain an SPS. Other advisers who could not make the deadline due to illness or maternity leave were also entitled to apply for a waiver.
But a spokesperson for the FSA said current numbers of SPSs provide a good indication of the reductions in the industry.
"There is 60 days grace, so many advisers will wait until the last minute, but it gives you a pretty good idea," she said.
The FSA also confirmed only 105 individuals have been granted waivers.
Below is a list of the eight accredited bodies and the numbers of SPSs they have issued to date.
|CFA Society of the UK||
|The Chartered Institute for Securities and Investment||
5519 approved out of 5845 applicatons
|The Chartered Institute of Bankers in Scotland||
|The Chartered Insurance Institute||
|The Institute of Chartered Accountants in England and Wales||
20 approved out of 27 applications
|The Institute of Financial Planning||
Approx. 400 out of 600 approved
|The Institute of Financial Services||
Will not release figures
|The Pensions Management Institute||
Data quality is key
Granted leave to appeal the judgement