New research has predicted a 7% fall in the number of IFAs and wealth managers by 2022, despite rising demand for financial advice.

An independent report commissioned by the government has suggested expanding the dormant assets scheme to include investment and wealth managers.

The Financial Conduct Authority has called on the investment sector and wealth managers to improve the way they disclose costs and charges to clients following a review of the sector which found shortcomings.

Almost 15% of UK HNW investors are women, equivalent to 50,000 individuals and the largest female HNW population in Europe, according to new research.