Advisers should consider selling their businesses within the next 18 months before prices offered by consolidators fall, according to a consultancy firm.

The Financial Conduct Authority (FCA) has appointed three chairmen, including the chief executive of Nationwide, to lead the independent panels set up to represent its constituents' interests and provide independent views to the regulator.

The Money Advice Service (MAS) is set to experience more change with its chairman's three-year term coming to an end in September.

The number of staff at the new financial services regulator will be approaching 4,000 by the time it comes into force next month.

Advisory businesses will see a marked reduction in the amount they contribute to the Money Advice Service (MAS) in 2013/14 if proposed changes to the way it is funded are approved.

The Financial Services Authority (FSA) should tighten up the way some providers market their services, according to one adviser who says he is continually bombarded by providers pushing commission.

One London-based adviser has said that an unseen restrictive covenant in a contract with his appointed representative (AR) firm means that he is prevented from working for one of the biggest networks in the country forever.

Friends Life has said that 150 jobs are under threat of redundancy as part of an ongoing company restructure and cost-cutting plan.

Product provider Aviva is set to cut a further 120 jobs as it continues to target cost savings of £400m.

If an independent body is not appointed to monitor the regulator's performance, the Association of Professional Advisers (APFA) will take on the task itself, the body's chairman told members in a defiant speech last night.