The total number of financial advice firms continued to fall last year as consolidation continues to lessen the number of small firms, the Financial Conduct Authority shows.
According to the regulator's latest retail mediation activities return data, the number of firms fell to 5,062 last year compared to 5,118 in 2021, with a 2% fall in firms with just one adviser to 2,381, and a 1% fall to 2,093 in the number of firms with between two and five advisers. However, the data also showed that the number of independent advice firms held steady at 4,729 compared to 4,727 in 2021. Continuum managing partner Martin Brown said: "Independent advice continues to be the way forward for advisers looking to provide the best service. However, maintaining independence i...
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