The number of financial advisers operating in the UK has increased 5% in the last year as the industry edges closer to pre-Retail Distribution Review (RDR) levels, according to the latest data.
Figures from the Financial Conduct Authority (FCA) showed there are currently 22,557 financial advisers operating across 4,504 firms.
This is up on the same period last year, when 21,496 financial advisers were active in the market, and 10% higher than the levels recorded on the eve of the RDR, when 20,453 advisers were in place.
However, the number of advisers is still down on the 23,787 estimate provided by RS Consulting in the summer of 2012.
The figures obtained byCOVER's sister title Professional Adviser exclude those working in banks, building societies and discretionary investment managers (DIMs).
The data is based on returns submitted to the regulator by firms and as such is dependent on firms updating the information.
The FCA said it is planning to consult on bringing this data request within advisers' Retail Mediation Activities Return, which it believes would lessen the potential for any weaknesses in the numbers.
In total, the FCA listed 30,600 retail financial investment advisers, slightly down on last November's figures of 31,153.
Figures also showed the number of bank and building society advisers were replenishing. They increased 15% to 3,672 advisers in the year to November after they had fallen by a third in the previous year.
Discretionary investment managers saw a further 14% increase to 1,944, following a 18% increase in the first two years following the RDR.
The remaining figures were made up of stockbrokers, those classed as 'other' and waivers.
