FCA Publishes Financial Adviser Market Survey: £1 Trillion in Assets, 4.1 Million Clients
Summary
The FCA published findings from its Financial Adviser Market Survey on 23 April 2026, based on responses from over 4,100 financial advice firms and data on approximately 31,000 advisers. The survey shows advised firms manage around £1 trillion of assets for more than 4.1 million clients, with adviser numbers remaining broadly steady at around 31,000 despite a 15% fall in authorised advice firms since 2021. Consumer Duty engagement is positive, particularly in pensions and retirement advice, which accounts for 69% of clients' main advice objectives.
“Firms responding to the survey advise on around £1 trillion of assets for more than 4.1 million clients, highlighting the scale of advice being delivered.”
The FCA has published this survey data to inform its supervisory and policy work, signalling that Consumer Duty implementation — particularly in pensions and retirement advice — will remain a supervisory focus area. Financial advice firms should review their Consumer Duty compliance frameworks against the 69% concentration figure for pensions and retirement advice objectives identified in the survey.
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What changed
The FCA published its Financial Adviser Market Survey findings on 23 April 2026, providing an updated picture of the UK financial advice market. The survey covers over 4,100 financial advice firms and approximately 31,000 advisers, showing that firms advise on around £1 trillion of assets for more than 4.1 million clients. Adviser numbers have remained steady since 2023 despite a 15% reduction in authorised advice firms since 2021, indicating market consolidation rather than reduced advice provision.
Financial advice firms should note that women represent only around 18% of advisers despite being part of approximately 60% of advised client relationships, signalling a potential diversity and recruitment issue. Regulated advice reaches only around 9% of UK adults, with nearly a third of firms considering simplified advice propositions to expand access, particularly for mass affluent consumers. The FCA states it will use this data to inform supervisory and policy work under its more data-led and proportionate approach.
Archived snapshot
Apr 24, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
FCA publishes findings from financial adviser market survey
News stories First published:
23/04/2026
Last updated: 23/04/2026
We have published findings from our Financial Adviser Survey. The findings provide an updated picture of how the UK financial advice market is evolving and what this means for firms, consumers and future growth.
The survey brings together responses from more than 4,100 financial advice firms; alongside analysis of data we already hold on around 31,000 advisers.
Overall, it shows a market that remains broadly stable and continues to support millions of clients, even as firms adapt to consolidation, new business models and technology.
Key findings include:
- Firms responding to the survey advise on around £1 trillion of assets for more than 4.1 million clients, highlighting the scale of advice being delivered.
- Large firms account for around 50% of assets under advice, all firms play an important role through relationship led and local advice.
- Adviser numbers have remained broadly steady at around 31,000 since 2023, despite a 15% fall in the number of authorised advice firms since 2021. This points to consolidation across the market rather than a reduction in advice provision.
- Women account for around 18% of financial advisers, despite being part of around 60% of advised client relationships, highlighting an opportunity for the sector to better reflect the consumers it advises by strengthening recruitment, retention and progression.
- Financial advice remains concentrated among older and wealthier consumers, with regulated advice currently reaching only around 9% of UK adults. Nearly a third of firms are considering offering a form of simplified advice propositions to help expand access, particularly for mass affluent consumers. The survey also shows positive engagement with the Consumer Duty, particularly in pensions and retirement advice, which account for 69% of clients’ main advice objectives.
We are publishing this analysis to help firms benchmark their practices and to inform our supervisory and policy work, as we continue to take a more data led and proportionate approach to supporting good consumer outcomes.
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