Over 23 million people have fallen through the financial advice gap at critical times in their lives, a report published today has indicated.

Robo-advisers can never replace human Financial Planners because they lack the ability to empathise and understand a client's hopes and dreams, the director of a Financial Planning firm says.

The advice gap appears to have been lifted up the list of priorities for the industry, an IFP board director says, after FCA chiefs were grilled by MPs this week.

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.