These are trying times for everyone but the FCA did not do a lot to cheer everyone up when it suggested that 4,000 regulated firms are at risk of failure due to the ongoing coronavirus pandemic.
It added that a third of those have the potential to cause harm to consumers were they to fail.
The statistics come from the coronavirus financial resilience survey results.
The advice sector had one of the highest proportions of firms expecting a drop in income at 66 per cent of the 5,159 firms which responded to the data request.
Some 2,973 of the firms in the retail investment market category predicted a drop in income between one and 25 per cent with 26 firms saying income might plummet by more than 76 per cent.
It is quite a confusing way of presenting the information as the retail advice sector encompasses IFAs, wealth managers, Sipps, and crowdfunding platforms. Those 26 firms are, in other words, unlikely to be IFAs.
This is a quite remarkable tale of events in platform tech land. FNZ has appealed a decision by the Competition and Markets Authority to block its takeover of GBST.
FNZ has called for the CMA’s decision to be quashed suggesting that the CMA failed to “properly define the relevant market”.
The competition watchdog has since admitted it has “identified certain potential errors” in its market share calculations.
Eadon & Co and Creative Wealth Management have left the SimplyBiz DB transfer panel, Money Marketing reports.
