2016年-FCA英国金融行为监管局_fca_data_bulletin_7_revised_18页_1mb

Data Bulletin Summary

Core Content

This Data Bulletin, published in October 2016, provides an in-depth analysis of the retail intermediary sector and the latest trends in the retirement income market, focusing on the period from January to March 2016. The bulletin includes data from the Retail Mediation Activities Return (RMAR), which is submitted by approximately 12,000 FCA regulated firms. It also includes insights from a firm feedback questionnaire on FCA communications and regulatory practices.

Main Themes

1. Retail Intermediary Sector

• RMAR Overview:

  • The RMAR is a core regulatory return submitted by firms providing intermediary services in mortgages, non-investment insurance, and investment products.
  • Firms must submit this return twice yearly, based on their Accounting Reference Data (ARD), with a 30-day window for submission.
  • The data includes financials such as balance sheets, profit and loss accounts, client money, and capital resources, as well as compliance, training, and product sales data.

• Who Completes RMAR:

  • Firms with permission to undertake insurance, mortgage, or investment mediation are required to complete the relevant sections.
  • Many firms operate in more than one category, and some use these activities as a secondary function.

• Data Usage:

  • The FCA uses RMAR data to monitor and supervise intermediary firms.
  • It helps identify trends and assess compliance with regulations, including capital adequacy, professional indemnity insurance, and staff training.

2. Revenue Trends in Regulated Activities

• Retail Investments (RI):

  • Total revenue from RI increased by 16% between 2013 and 2015.
  • Commission accounted for 31% of revenue in 2015, down from 56% in 2013, reflecting the impact of the Retail Distribution Review (RDR).
  • 88% of RI firms also engage in insurance mediation, and 44% in mortgage mediation.

• Mortgage Mediation:

  • Total revenue from mortgage mediation increased by 23% between 2013 and 2015.
  • Commission accounted for 80% of revenue in 2015.
  • 53% of firms have only one mortgage adviser, and 88% have five or fewer.

• Non-Investment Insurance Mediation:

  • Total revenue from non-investment insurance mediation increased by 5% between 2013 and 2015.
  • Commission accounted for 85% of revenue in 2015.
  • 53% of firms in this sector use it as their main activity.

3. Capital Resource Requirements

• Capital Requirements:

  • 62% of firms were required to hold only the minimum capital of either £5,000 or £10,000.
  • The minimum capital requirement for RI increased to £15,000 from 30 June 2016 and further to £20,000 in 2017.
  • Capital requirements are now based on income rather than number of advisers or expenditure.

• Capital Surplus:

  • 2,137 firms held a capital surplus of less than £10,000.
  • 6,529 firms held a surplus of £50,000 or greater.
  • On average, firms hold around five times their capital requirement.

4. Retail Investment Advice and Charges

• Type of Advice:

  • 83% of RI firms provide independent advice, while 14% provide restricted advice and 3% offer both.
  • Restricted advice accounts for 38% of adviser charges revenue, while independent advice accounts for 62%.

• Adviser Payment Methods:

  • Facilitated payments account for 81% of initial charges and 74% of ongoing charges.
  • Direct payments to advisers account for 19% of initial charges and 26% of ongoing charges.
  • Hourly rates range from £150 to £195, with London and the South East showing the highest maximum rates.

• Charging Structures:

  • Percentage of investment is the most common charge method.
  • Average initial charge is 1% (min) to 3% (max), and ongoing charges are 0.5% (min) to 1% (max).
  • Fixed fees and combined structures are also used.

Retirement Income Market Trends (Jan-Mar 2016)

• Pension Pots Accessed:

  • 126,859 pension pots were accessed for the first time in the quarter.
  • This represents a 0.2% decrease from the previous quarter and a 35.7% decrease from the July-Sept 2015 quarter.

• Annuity Purchases:

  • 18,731 annuities were purchased.
  • A 12% decrease from the previous quarter and a 19.9% decrease from the July-Sept 2015 quarter.

• Drawdown Policies:

  • 42,128 drawdown policies were entered into and not fully withdrawn.
  • This is a 13.4% increase from the previous quarter.

• Partial UFPLS Payments:

  • 3,702 pension pots had a first partial UFPLS payment taken and not fully withdrawn.
  • A 21.6% increase from the previous quarter.

• Consumer Choices:

  • Full cash withdrawals remain the most common method, accounting for 49% of pots accessed in this quarter.
  • There has been a slight decrease in the number of annuity purchases and an increase in drawdown policies.

• Consumer Behaviour:

  • The percentage of consumers taking advice decreased slightly.
  • More consumers are accessing products from their existing providers.

• Adviser Use:

  • Adviser use varies by product type and pension pot size.
  • The data highlights the importance of regulated advisers in helping consumers navigate retirement income options.

Key Information

• The data is sourced from the RMAR, with some sections using data from other regulatory returns.
• The bulletin includes both aggregate and per-firm/adviser data.
• The FCA aims to increase transparency and welcomes feedback from stakeholders.
• The analysis is based on the latest 2015 returns and has not been subject to systematic cleansing.