One in five clients keep investing ‘side-hustles’

Whilst the regulator acknowledged there had been some ground gained in the market, in particular around the development of automated advice, it said there was scope for more models and services which could serve more consumers at different stages of their lives.

It said at the time: "In practice, this is likely to mean a market that provides a wider range of services, including one-off advice models that are available and easily accessible, and where firms compete on the value of the services they offer." 

The FCA advised the market would benefit from a greater focus on two key support services: simpler forms of streamlined advice, and more personalised guidance services.