Financial Adviser Service Awards 2023

Welcome to the Financial Adviser Service Awards 2023

It does not seem like a whole year has passed since we last celebrated the achievements of UK financial services companies at the 2022 Financial Adviser Service Awards.

But what a year it has been! We have seen merger and acquisition activity across all sectors of the financial services world.

Companies now operate in a post-consumer duty environment, with its added focus on demonstrating value for money and quality of service, not just to clients but also to the financial services regulator.

Not least, companies, advisers and clients have had to operate within a high inflation, high interest rate environment, with all the challenges and opportunities this brings for service and product provision across the profession.

Because of all this, against an uncertain geopolitical backdrop, service levels in certain sectors of financial services provision have, generally, appeared to fall, at least in the estimation of the advisers voting in this year's FASAs.

For example, in 2022, 12 investment providers acheived the coveted five-star rating for service. This year, only six won that accolade.

That said, FT Adviser is pleased to announce that a newcomer in the Investment category has won a special, discretionary award this year.

Triple Point, which has never been entered in the FASAs before, scooped so many adviser votes that it came straight into the five-star rankings. This is why Triple Point is this year's Best Newcomer.

In the platforms category, five providers achieving five-star service in 2022 dropped to just three in 2023, perhaps partly due to M&A activity in that sector.

Mortgages fell slightly, too, from 12 to 11 five-star providers year on year.

The only section that seems to have held its own is in pensions and protection, with high numbers of five and four-star ratings awarded by advisers, and the same number of five-star winners as in 2022.

What does this mean? Well, for the five-star winners at this year's 2023 FASAs, it means they truly did demonstrate exceptional service to advisers and their clients during a difficult year.

It means those who achieved five-star status in our awards – which are now in their 33rd year – should be proud of their success, as determined by thousands of FT Adviser readers who took the time to vote.

Those who also got four stars should feel proud that in such a time as this, advisers scored them highly on a series of metrics, ranging from the time it takes to turnaround client requests, through to the provision of training and dedicated helplines.

Many congratulations once again to all those who went home with an accolade at the FT Adviser Financial Adviser Service Awards 2023.

Here's to greater success in 2024.

Simoney Kyriakou is editor of FT Adviser