This creates the real possibility of significant consumer detriment through the inability of the sector to meet the huge demand for advice which will emerge post crisis.
Darwin, on his voyage in the Beagle, was caught in a South American earthquake, after which he wrote that he would never view the world in quite the same way again.
Coronavirus has been our ‘earthquake’ and the world, including that of financial planning, will never be quite the same again.
Consumers will have greater need for financial advice than ever before and the FCA must ensure that, after this emergency has passed, there is a vibrant and viable advice sector available to meet the inevitable demand.
Ken Davy is chairman of The SimplyBiz Group