Intro
BrokerChooser is an independent global retail brokerage comparison service that has so far reviewed more than 100 brokers worldwide, and serves more than 200,000 users per month. Our team is constantly on the lookout for emerging trends in the retail brokerage universe.
In this research, we commented on the FCA's plan to revamp the UK investment advisory regime and presented alternative solutions to help the FCA achieving its objectives at a lower cost. Read on to learn what we’ve explored:
- The FCA wants to bring new-to-market consumers onto the UK investment advisory market by altering how investment advisory services are provided in the UK.
-
Implementation of such a structural change could be difficult hence we answered the FCA’s call to explore possible alternatives that might help achieve its objective.
-
Our data revealed a huge gap between the total number of beginner consumers visiting a broker’s website versus the number of such consumers actually completing registration and account opening processes as well as depositing money to start investing. The vast majority of beginner consumers are getting lost during the onboarding process.
-
We think that brokers would benefit from regulatory support helping them streamline and simplify their onboarding processes, resulting in a lower churn rate and increased investment activity by UK beginner investors.
Comments