There were 32,690 retail investment advisors working in the UK at end of July 2013, an increase of nearly 5% from 31,132 at end of December 2012, according to figures released by the Financial Conduct Authority (FCA).
This is within the range predicted by independent researchers commissioned by the FCA’s predecessor, the Financial Services Authority, in 2012.
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The FCA believes the increase is attributable to advisors re-entering the market.
It added six months after the introduction of the Retail Distribution Review (RDR), 97% of advisors have the appropriate level of qualification, with the final 3% being recent entrants who are still studying within the timescales permitted by the rules. That amounts to some 426 ‘financial advisors’ who remain partly qualified.
Clive Adamson, director of supervision at the FCA, said: "Today’s figures show that those looking for financial advice still have plenty of options open to them. What’s more, by establishing standards across the industry we are helping to build confidence by reassuring consumers and raising the profile of the adviser profession."
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