One fifth more advice firms gave up their FCA authorised status in the year leading up to June 2020 than the year before, a freedom of information (FOI) request submitted by Professional Adviser has found.
The FOI, submitted to the Financial Conduct Authority (FCA), found that in the 12 months leading up to June 2020, 252 advice firms gave up their authorised status. However, that number was 210 in the 12 months previous. Philip J Milton Chartered financial planner Felix Milton said he found the FOI worrying for two reasons: "With the average adviser being more or less 'at retirement', any slight change that makes doing business harder is going to encourage those to shut up shop, by either sale to a larger firm, which of course removes the need for that individual firm to be authorised, or...
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