Nearly a third of financial advisers in the UK are considering selling their businesses, to cope with increased risk.

The survey of 185 UK advisers from pensions provider Canada Life showed that of this third, 38 percent said they would have to sell to a larger business.

Canada Life claimed the study suggested a “new wave of consolidation” in reaction to regulation, economic volatility and cybercrime, among other risks.

Thirty-seven percent were considering withdrawing from certain markets, while 28 percent are considering retirement.

Neil Jones, tax and wealth specialist at Canada Life, said the...