FCA advice market data reveals 2018 PI costs; advisers take £3.5bn in fees
Advice market in seven tables
The Financial Conduct Authority's annual retail mediation activities return has revealed advice firms paid an average 2% of their revenues on professional indemnity (PI) insurance premiums in 2018.
The FCA's data, which it collects every year from around 12,000 intermediary firms, revealed advice businesses that made less than £100,000 in annual revenue in 2018, which are likely to be 'one-man' bands,...
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