Opinions that the UK financial advice market is competitive may have to be revised following the publication of a new report from the Financial Conduct Authority (FCA).

The report, which looks at the impact of the Retail Distribution Review and the Financial Advice Market Review, shows there are around 5,000 financial advice firms operating in the UK, employing more than 27,000 advisers – making the UK market look competitive at first sight.

However, first appearances can be deceptive. If UK advice firms do compete, it is not in terms of price.

A survey conducted by the FCA found that less than a quarter of ...