The number of regulated firms and approved persons (ARs) in the financial sector dropped substantially in the last 12 months as a recession swept across the UK.
According to the FSA's Annual Report 2008/9, published today, the number of ARs fell from 172,077 on 1 April 2008 to 166,420 on 31 March this year, a drop of 5,657, or 3.29%. Meanwhile, the number of regulated firms dropped to 27,340, a decline of 985 from 28,325, in the same period. An approved person is an individual who has been approved by the FSA to perform one or more 'controlled functions' on behalf of an authorised firm. The drops will further fuel speculation surrounding the future of the financial advice sector. Critics of the FSA's Retail Distribution Review (RDR), a cons...
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