We advisers are feeling sorry for ourselves, as we’ve had yet another bill from the regulator. This is an ‘interim levy’ from the Financial Services Compensation Scheme. Old story, the good and not-so-bad guys made to cough up to compensate those taken in by/greedy enough to believe crooks offering sky-high guaranteed returns from unregulated schemes which the regulator failed to regulate. I wrote to my MP about it last August. And again last week. No reply. Maybe David Cameron (my previous MP, who, even as PM, bothered to ask his PAs to put fingers to keyboard) wasn’t so bad after all.
“Britain has lost 435 financial advice firms since 2022”
Headline figures, there were over 200,000 financial advisers at the end of the ’90s, there are around 30,000 now and our numbers are continuing to reduce.