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"Independent Financial Advisers Market Assessment" which financial services industry, with the IFA profession as part of it, has been targeted by a barrage of regulatory reform since the financial crisis in 2007. These reforms are intended to reign in the industry to prevent it — and, by extension, the country — from experiencing a financial crisis like the one seen in recent years. The most important of these reforms for IFAs is the Retail Distribution Review (RDR), which radically transforms the way IFAs operate and the advice they give to their clients. It contains key changes to the way financial advisers can charge for their services and the ways in which they can label themselves and their advice, as well as mandating a higher level of qualification required to give financial advice. The regulatory changes have made it more difficult to stay in the market as an IFA. Many advisers (especially those attached to banks) believe that having to charge upfront fees for advice will deter customers from seeking their services, and will therefore choose to bow out of the market altogether or offer restricted — instead of independent — advice. Economic conditions have deteriorated considerably since the last edition of this report was published (in April 2008) and future economic conditions remain uncertain. As a result of the economic turbulence, the Bank of England (BoE) has held interest rates at the historic low of 0.5%; this has damaged yields on savings and investment products, although it has made mortgage repayments easier to meet. This is providing, however, that those looking to get a mortgage can get the necessary credit in the first place, which is problematic in the current climate. Both factors should, in theory, boost demand for financial advisers; if mortgages become more affordable then the likelihood is that more customers will take them out, and if savings and investments continue to perform disappointingly, more individuals may be prompted to visit a financial adviser in order to maximise the potential of their investment. Key Note has commissioned exclusive market research for the purposes of this report; this revealed, among other things, that 40.7% of respondents were likely to consult an IFA for advice over the next 5 years, which points to the industry having a relatively positive future. There remains room to attempt to entice a greater proportion of the population to use an IFA, however. The future for IFAs is hard to predict, with 2013 being the first year in which the effects of the RDR will truly be known. It is likely that, at least for the medium term, the percentage of IFAs as a percentage of all financial advisers is not likely to equal pre-crisis levels, although neither is Key Note forecasting a noteworthy decline in numbers. Table of contents : Foreword Executive Summary Market Definition INTRODUCTION REPORT COVERAGE MARKET SECTORS Internet Banking with a Computer Mobile Banking Telephone Banking MARKET TRENDS Internet Banking's Rise at the Cost of Telephone Banking's Demise Sales of Tablets Rise Fourth Generation Mobile Internet Technology An Online World ECONOMIC TRENDS MARKET POSITION The UK Overseas Market Size INTRODUCTION THE TOTAL MARKET BY MARKET SECTOR Internet Banking Telephone Banking Mobile Banking OVERSEAS TRADE General Overview Industry Background RECENT HISTORY NUMBER OF COMPANIES Banks Building Societies EMPLOYMENT Banks Building Societies REGIONAL VARIATIONS IN THE MARKETPLACE HOW ROBUST IS THE MARKET? LEGISLATION Financial Services Compensation Scheme Distance Marketing of Financial Services Regulations Money Laundering The Financial Services Act The Bank of England HM Treasury KEY TRADE ASSOCIATIONS British Bankers' Association Building Societies Association Euro Banking Association European Banking Federation Competitor Analysis THE MARKETPLACE MARKET LEADERS Barclays PLC HSBC Holdings PLC Lloyds Banking Group PLC Nationwide Building Society The Royal Bank of Scotland Group PLC Santander UK PLC OTHER COMPANIES Citibank International PLC The Co-operative Bank PLC Marks and Spencer Financial Services PLC Metro Bank PLC National Australia Bank Tesco Personal Finance Group Ltd Virgin Money PLC MARKETING ACTIVITY Online and Telephone Banking I am working with a market research company which provides market research reports , custom research, company profiles, industry analysis, country reports , business reports, online databases and the report on Independent Financial Advisers etc. Through our industry analysis you can identify opportunities, analyze the requirements of the customers and study the competition sector wise.
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