The regulator's research found more than 80 per cent of ongoing holistic advice services had adviser charges set at only three price points - 0.5 per cent, 0.75 per cent and 1 per cent.
At the time (in late 2020) the FCA said: "Our analysis indicates that ongoing services with a 1 per cent annual adviser charge did not have noticeably different features to those charging 0.5 per cent annually."
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If there were genuine competition in the advice market, this would naturally put pressure on some of the higher charging firms.
So perhaps the solution to the issues raised by this debate lies not with one advice firm, but with all of them.
damian.fantato@ft.com
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