New research suggests that the advice gap may have widened since the FCA’s Consumer Duty requirements arrived nearly a year ago.

In the next five years the financial advice sector will see small adviser firms thrive while the number of clients served will grow by 30%, according to predictions from wealth consultancy NextWealth.

Employee benefits have failed to evolve and are failing employees’ needs for financial wellbeing, according to a report from wealth and investment manager Close Brothers.

Nearly one in four UK adults (23%) say they would never seek financial advice, even if it was free.