Private equity is transforming financial advice. But is the risk to consumers increasing? An investigation published in The Times on 15 October highlights theconsolidation of Britain’s independent financial adviser (IFA) market and raises important questions about conflicts of interest and consumer protection. The scale of change is striking. · The number of advisers employed by private equity-backed firms almost doubled, from 4,157 to 7,706 between 2023 and March 2026.