A Treasury Committee member has questioned FCA chiefs this morning over how they expect the problem of potentially 16 million people falling through the so called advice gap to be solved.

Steve Baker MP grilled FCA chief executive Martin Wheatley at a meeting at the House of Commons.

Mr Baker said figures supplied to him by his constituent Garry Heath, a former director general of the IFA Association, estimated there could be 15 to 16 million people without access to advice.
He asked Mr Wheatley what he made of this.
Mr Wheatley responded: "I don't recognise the numbers, clearly if this were true it would be a problem."
He later added: "I don't think they (the numbers) are as large as you suggested."
Smaller organisations, which are looking to cater for this group, are looking to get into the market, Mr Wheatley said, adding there is growing innovation, particularly through advances in technology.

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Mr Wheatley spoke earlier this year of his keenness to explore whether advances in artificial intelligence can help deliver more automated advice and contribute towards solving the advice gap.
He told the meeting this morning that he wants "to encourage" firms making use of such technology and innovation, adding he does not want the FCA to "become a barrier".
Mr Baker asked Mr Wheatley: "Will you be keeping a close eye on this advice gap?
"How will you make sure they can access the advise they need, how will we close it?"
The primary objective is to understand it, Mr Wheatley told him, explaining that the FCA has held six "packed out" roundtables so far on the matter.
Firms are being asked "if there's anything that is a barrier to them", he said, and admitted that engaging with a regulator for the first time is a "scary process" and can be "opaque".
He said the FCA's new innovation hub is designed to help firms get through a complicated process quickly.
Mr Baker said he believes the numbers of professional financial advisers need to be increased, a point which Mr Wheatley agreed with.
He said while there was a drop off in advisers prior to RDR, numbers have been shown to be growing since and he described the IFA sector as "healthier since that period".