Tavistock has said that its senior managers and the majority of other staff have made voluntary salary waivers and the IFA and Financial Planning group has also made use of the Government’s furlough scheme.

Preliminary findings from Financial Planning Today’s annual Financial Planning Survey - currently under way - suggest that nearly half of Financial Planning, Paraplanning and adviser firms have furloughed some staff.

An ONS business survey suggests that many ‘paused’ businesses will resume trading in the next four weeks as cash reserves dwindle.