Only 68 financial advisers responded to the hotly-anticipated Financial Advice Market Review, according to figures from the Financial Conduct Authority.
In total, the FCA received 270 responses, with 27 of these coming from financial services providers, following a Freedom of Information request.
The figure of 68 does not include trade bodies, but even if all financial advice industry representatives are added to this list – including Apfa, Libertatem, the PFS and the Cisi – that would only mean 72 responses were sent in on behalf of the advice community.
The remaining 171 responses, it is estimated, came from other industry representatives.
The number of responses to the FAMR consultation represents only 0.22 per cent of the 30,600 financial advisers who are currently registered with the FCA.
But it represents 1.2 per cent of all firms which are registered to provide advice.
As part of the FAMR process, the regulator has held 102 meetings with industry representatives, totalling 109 hours.
Of these meetings, 28 were with financial advice providers, while seven were with banks and 10 were with life companies. Only two were with fund management firms.
It is the old story that if you do not bother to vote, you do not have much right to complain. Ken Davy, SimplyBizHowever, the FCA said the figures are from the meetings held at its headquarters and do not reflect all the meetings that have taken place to date as part of FAMR, as some were not organised by the FCA and it does not hold records of the all attendees’ affiliations.
As part of its FoI request, Financial Adviser also asked how many expert panel meetings have been held and whether each member of the expert panel has been in attendance at each meeting. But the regulator said it does not hold details of the number of FAMR expert panel meetings that took place or the number in attendance at each meeting.
It said this is because the panel is independent from the main review and does not carry out responsibilities on behalf of HM Treasury or the FCA.
The regulator did say that it has not paid for accommodation for expert panel members, but has paid £1,252 in transport costs for members to attend expert panel meetings.
In January, SimplyBiz founder Ken Davy used his column in Financial Adviser to urge advisers to use the consultation to influence the outcome of the FAMR.
He said: “It is the old story that if you do not bother to vote, you do not have much right to complain.
“Of course the outcome of FAMR is unknown, and will probably remain so for a few months. However, it is vital that financial advisers pay very close attention to the results when they do emerge, as they are likely to have a profound effect on the way the sector works.”
Adviser view
Sebastian Van Mook, a financial adviser with Shropshire-based Abacus Associates, said: “From a personal point of view what will be, will be. You can spend a lot of time blowing hot air and making your feelings known to no avail.
“But I am surprised, because financial advisers are quite vocal and like to have a good moan.”
