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Nearly 1 in 7 UK Independent Financial Adviser firms are looking to sell their businesses following developments in the FSA promoted Retail Distribution Review and the ongoing economic downturn.
9% have already stated they are for sale and another 4% expect to be selling their business by the end of this year.
This consolidation of the distribution channel is likely to continue through into 2010 and is likely to put pressure on the Financial Ombudsman Service and the Financial Sercvices Compensation Scheme if companies go “Bust” or have inadequate assets to cover the expected explosion in protection (particularly Payment Protection Plan [PPI]) sales likely to erupt later this year.
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