Reference Case Number: FOI7696
Freedom of Information: Right to know request:
Clarified request (29/10/2020):
1. Your request refers to 'Independent Financial Advisers'. Advisers can offer either an independent or a restricted service. Can you please confirm whether you are seeking information for the whole financial advice sector, or split between independent or restricted advice?
1. I am not interested in the information on the whole financial advice sector but instead just the independent financial advice sector.
2. You have also asked for "funds under management" per firm. However, please note that financial advice firms do not have 'funds under management'. Whilst financial advisers provide regulated financial advice they do not manage investments on behalf of investors the way that fund or asset managers do.
2. Yes apologies, it isn't the 'FUM' but rather the funds under advice which is of interest to me.
3. What do you mean by "other financial information"?
3. By 'other financial information' what was meant is data from the firm's financial statements such as total revenue and expenses, P/L; total assets, total liabilities, cash at hand; and also number of employees. - if available.
4. The list previously disclosed under reference FOI3002 (as per the link provided in your request) relates to firms "that fell within the Financial Services Compensation Scheme's investment intermediary subclass" for specific years. This seems unrelated to your request for a "list of currently active Independent Financial Advisors". Can you please confirm whether this reference is correct?
4. The reference is in fact incorrect. I am not interested in a list of firms "that fell within the Financial Services Compensation Scheme's investment intermediary subclass" but rather a list of currently active Independent Financial Advisors as you stated.
Original request (02/10/2020):
Information regarding the list of currently active Independent Financial Advisors, and if available with the total number of employees per firm, and total amount of client assets (Funds under management) per firm, and other financial information. If I'm not mistaken, this list was https://landmark-phase.live/publication/foi/foi3002-information-provided-1.pdf for the year 2011-2012. However, this list is outdated and includes restricted advisors (not IFAs) and does not show firm size, etc.
FCA response:
Refer to supporting document below.