The total value of financial advisory charges in the United Kingdom (UK) increased from almost 3.7 billion British pounds in 2016 to approximately six billion British pounds in 2022. This was despite the fact the number of financial advisors in the UK decreased during the same period.
Independent advisory firms are companies that give personal recommendations based on a comprehensive and fair (unbiased) analysis of the relevant market. Independent firms made up the majority of financial advisors during the years displayed, with charges to clients increasing to almost 3.7 billion British pounds in 2022.
Total value of financial advisor firms charges in the United Kingdom (UK) from 2016 to 2022
(in million GBP)
Characteristic
Independent*
Restricted**
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The following classifications for independent and regulated financial advisors can be found in the FCA baseline report.:
* Independent advice is where personal recommendations given by a firm are based on a comprehensive and fair analysis of the relevant market and are free from bias.
** Restricted advice is where the personal recommendations provided do not meet the standards of independence, for example because the advice firm only recommends the products of one provider.
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Financial Conduct Authority. (March 8, 2023). Total value of financial advisor firms charges in the United Kingdom (UK) from 2016 to 2022 (in million GBP) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1018933/value-of-financial-advisory-fees-in-the-united-kingdom/
Financial Conduct Authority. "Total value of financial advisor firms charges in the United Kingdom (UK) from 2016 to 2022 (in million GBP)." Chart. March 8, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1018933/value-of-financial-advisory-fees-in-the-united-kingdom/
Financial Conduct Authority. (2023). Total value of financial advisor firms charges in the United Kingdom (UK) from 2016 to 2022 (in million GBP). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1018933/value-of-financial-advisory-fees-in-the-united-kingdom/
Financial Conduct Authority. "Total Value of Financial Advisor Firms Charges in The United Kingdom (Uk) from 2016 to 2022 (in Million Gbp)." Statista, Statista Inc., 8 Mar 2023, https://www.statista.com/statistics/1018933/value-of-financial-advisory-fees-in-the-united-kingdom/
Financial Conduct Authority, Total value of financial advisor firms charges in the United Kingdom (UK) from 2016 to 2022 (in million GBP) Statista, https://www.statista.com/statistics/1018933/value-of-financial-advisory-fees-in-the-united-kingdom/ (last visited July 22, 2024)
Total value of financial advisor firms charges in the United Kingdom (UK) from 2016 to 2022 (in million GBP) [Graph], Financial Conduct Authority, March 8, 2023. [Online]. Available: https://www.statista.com/statistics/1018933/value-of-financial-advisory-fees-in-the-united-kingdom/
