SPS figures suggest thousands have quit advice

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. ...