The Financial Conduct Authority’s review of ongoing advice data from 22 of the largest financial advice firms has found that suitability reviews were carried out in the vast majority of cases.

The review conducted by the FCA found that suitability reviews were delivered by advisers in around 83% of cases.

A further 15% of cases saw clients either decline or not respond to the firm’s offer of a review.

The FCA began its review into ongoing advice fees in February 2024.

The regulator had previously shared concerns that some advice firms may be charging clients for ongoing advice and related services while not always delivering the services offered.

The FCA asked for data from 22 of the largest advisers to conduct a review into the delivery of suitability reviews. It chose suitability reviews as the focus as firms generally included these as part of their ongoing service.

It found that there were fewer than 2% of cases where firms reported they had made no effort to deliver a suitability review to clients.

The regulator added that its rules on ongoing services were introduced more than a decade ago and that it will review its approach for these services.

Simon Walls, interim executive director of markets at the FCA, said: “In the vast majority of the cases we looked at, firms delivered ongoing advice for their customers.

"But, in a small number of cases, they haven’t attempted to provide the services they offered and customers are paying for. In those instances, they will need to put that right.

“The FCA will also review the rules on ongoing advice to make sure they remain fit for the future and help as many people as possible to get good support in managing their financial lives.”

The FCA has previously said the "data gathering" on ongoing services forms part of its work to raise standards so people can invest with confidence.

Central to that strategy is ensuring people can access advice if they want it and have trust in the services on offer, it said.