Revealed: Number of adviser firms in financial difficulty during lockdown

Between March and July, 27 adviser firms reached out to the regulator on an individual basis to notify the FCA they felt they were falling into financial difficulty. May proved to be the trickiest month, with 14 firms reaching out individually, while July was the smoothest, with just one firm contacting the FCA. In March and April three firms contacted the FCA about financial difficulties each month, and in June six firms got in touch with the regulator. At the start of the government-imposed lockdown in response to the coronavirus pandemic, the FCA put out a notice that said firms...