FSA: Most advisers will not dump mass market clients

Research by the FSA shows the majority of advisers plan to continue advising clients with savings and investments of up to £75,000.

The Sunday Times reports a survey by the regulator found that 63 per cent of advisers are looking to retain clients with savings and investments of between £20,000 and £75,000. A further 38 per cent of advisers polled plan to continue servicing clients with less than £20,000.

FSA head of investment intermediaries Linda Woodall (pictured) told the newspaper: “We are encouraged to see a large number of advisers plan to provide advice to people with smaller pots to invest. It is important that a range of services will be available for consumers once the changes to financial advice come in.”

The FSA’s findings follow research published by Deloitte earlier this month which suggested over half of consumers would be likely to reduce the number of times they used an adviser if they were charged 3 per cent of their investment.

Deloitte estimated up to 5.5 million customers would stop using or lack access to advisers post-RDR as a result of adviser charging.