2017年-FCA英国金融行为监管局_data_bulletin_issue_9_14页_1mb

Data Bulletin Summary: May 2017

Core Content

This Data Bulletin provides an in-depth analysis of the activities and revenue trends of the retail intermediary sector in the UK for the year 2016, based on the Retail Mediation Activities Return (RMAR). The report highlights the performance of three main regulated activities: retail investments, mortgages, and non-investment insurance.

Main Trends and Revenue Growth

• Overall Revenue: Retail intermediary firms earned £20 billion in 2016 from insurance, investment, and mortgage mediation activities.
• Mortgage Mediation:
  • Revenue increased by 24% from 2015 to 2016 and by 53% from 2013 to 2016.
  • The growth is attributed to an increase in the share of mortgage loans transacted via brokers and the general rise in mortgage market value.
  • Commission remains the main source of revenue for mortgage mediation, accounting for 80% of total revenue in 2016.
• Retail Investment Mediation:
  • Revenue increased by 8% from 2015 to 2016 and by 25% from 2013 to 2016 (from £2.6 billion to £3.25 billion).
  • Commission decreased from 31% in 2015 to 26% in 2016, while fees/charges increased from 64% to 71%.
• Non-Investment Insurance Mediation:
  • Revenue increased by 5% from 2015 to 2016 and by 10% from 2013 to 2016, totaling £15.9 billion.
  • Commission accounts for 83% of revenue in this sector.
  • 88% of financial adviser firms and 91% of mortgage brokers also generate revenue from non-investment insurance mediation.

Firm Type Analysis

Financial Adviser Firms

• Revenue Sources:
  • 88% earn some revenue from insurance mediation.
  • 45% earn some revenue from mortgage mediation.
  • Independent advice accounts for 61% of revenue from adviser charges.
• Firm Size:
  • 91% of firms have five advisers or fewer.
  • The top 1% of firms account for 45% of all advisers and 43% of retail investment revenue.
• Revenue per Firm/Adviser:
  • Average retail investment revenue per firm: £154,546 (for 1 adviser), increasing to £62,367,829 for firms with over 50 advisers.
  • Average revenue per adviser: £129,679 (for 1 adviser), increasing to £140,003 for firms with over 50 advisers.

Mortgage Brokers

• Revenue Sources:
  • 91% also earn revenue from insurance mediation, typically income protection products.
  • Insurance accounts for over 60% of total revenue for these firms.
• Firm Size:
  • 55% have only one adviser, and 88% have five or fewer.
  • The top 2% of firms account for over two-thirds of advisers and mortgage revenue.
• Revenue per Firm/Adviser:
  • Average mortgage revenue per firm: £57,217 (for 1 adviser), increasing to £27,752,659 for firms with over 50 advisers.
  • Average mortgage revenue per adviser: £37,889 (for 1 adviser), increasing to £47,742 for firms with over 50 advisers.

Non-Investment Insurance Intermediaries

• Revenue Diversification:
  • These firms generate little revenue from retail investments or mortgage mediation.
  • Many are engaged in non-regulated activities such as consumer credit and car/mobile phone sales.
• Revenue Distribution:
  • Over 20% of these firms earn more than half their revenue from non-regulated activities.
  • Revenue per firm varies significantly, from small retail brokers to large entities like price comparison sites.

Retail Investment Advice and Charges

• Type of Advice:
  • 83% of firms provide independent advice, 15% provide restricted advice, and 2% offer both.
  • Independent advice accounted for 61% of adviser charges revenue in 2016, slightly down from 62% in 2015.
• Adviser Payment Methods:
  • Facilitated payments (paid by the provider/platform) are the main form of payment, accounting for 81% of initial charges and 78% of ongoing charges.
  • Direct payments to advisers are 19% for initial and 22% for ongoing charges.
• Standard Charges:
  • Charge as a percentage of investment value is the most common method.
  • Median initial charge: 1% (min 1%, max 3%).
  • Median ongoing charge: 0.5% (min 0.5%, max 1%).
• Adviser Services:
  • Firms provided 1.2 million initial advice services.
  • 2.6 million clients paid for ongoing services.
  • Financial adviser firms accounted for 970,000 initial services (81%) and 2.2 million ongoing clients (85%).

RMAR Overview

• The RMAR is a core regulatory return submitted by approximately 12,000 firms.
• It covers financials, conduct of business, training, and adviser charges.
• Section B (Profit and Loss account) and Section G (conduct of business) are used for revenue and business activity analysis.
• Section K provides specific data on retail investment advice and charges.

Data Usage and Next Steps

• The FCA uses RMAR data to monitor and supervise intermediary firms, ensuring compliance with regulations.
• The data helps in identifying trends and assessing risks across the sector.
• Future Data Bulletins will include more data based on user feedback.
• For more information, visit: FCA Data Bulletin Subscription Page

Additional Resources

• Complaints Statistics (July to December 2016): 3.04 million complaints reported, an increase due to new reporting rules.
• Mortgage Lending Statistics (2016 Q4): £62.8 billion of new residential loans advanced, with total outstanding loans at £1,337.8 billion.
• Sector Views (2017): Provide an overview of the performance of different financial sectors.

Notes

• The data in this bulletin are based on the latest returns submitted by firms in 2016 and are not subject to systematic cleansing.
• The methodology used for firm categorization and data analysis may differ from previous reports.