When the Financial Conduct Authority (FCA) undertakes a review of the advice sector it will find it to be "non-competitive" and take subsequent action, said Rory Percival.
The consultant said the financial watchdog is likely to follow up its platform market study and asset management study with a review of the advice market. "When the regulator gets around to doing a market study on the adviser market it will find it is not competitive," argued the regulator's former technical specialist. "There will be certain high-level indicators to show it is not a competitive market - very similar to what it found in the asset management sector. "Price clustering, little correlation between price and quality and little correlation between price and demand. So if yo...
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