News


16

Jun 2022

Medico-Legal Market falls by 5%

Medico-Legal and Insurance Services Market down because of COVID-19 The market for Medico-Legal and Insurance Services (MLIS) – defined as medical and medical-related services offered to legal services companies, insurers and possibly to employers – declined in 2021 by around 5%, on the back of a near 20% decline in 2020.  The premium end of the market has recovered well from the pandemic but the...

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30

May 2022

Half of Consumers are Have Nots

51% of consumers are financial Have Nots Based on their ownership of a range of financial assets, including cash savings, retail investments, private and workplace pensions, consumers split into two roughly equal camps. 51% fall into the Have Nots camp and 49% into the Haves camp. Haves, as their name implies, own a wide range of financial assets and are especially likely to hold some...

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25

May 2022

Major changes in the family law market but market growth expected in 2022

The UK Family Law Market Trends Report 2022 is the eighth edition of an annual report from IRN Research and provides an overview of the UK family law market. The report comes at a time of major changes in the sector including the arrival of no-fault divorces, new legislation for domestic abuse cases, more encouragement for mediation, and a strong growth in online divorce applications....

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03

May 2022

Seven-in-ten consumers have a workplace pension

67% of consumers own a workplace pension While 67% of consumers own at least one type of workplace pension, seven in ten of workplace pension holders have a workplace pension with their current employer.  Affluent consumers, especially those in intermediate or senior managerial positions, who are working full time are the most likely to own a workplace pension. Working full time and being aged between...

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19

Apr 2022

UK legal services market revenue bounced back strongly in 2021

After a difficult time in 2020, the UK legal services market (including private practice firms, barristers, patent agents, and other legal services providers) bounced back in 2021 with market value growth at current prices of 12.4%.  For the first time in 2021, the number of law firms in England and Wales dropped below 10,000: at the end of the year there were 9,809 firms. In...

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05

Apr 2022

58% of consumers own a DC pension

Almost £80,000 held, on average, in DC pensions 58% of consumers own at least one type of DC pension. Among DC pension holders,  over eight-in-ten own a private pension (mainly a standard or stakeholder pension) and around six-in-ten own a workplace pension, with 40% of DC pension holders also owning a DB pension. The average UK consumer with either a private or workplace DC pension...

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15

Mar 2022

One-in-seven Consumers are Wealthy Investors

15% of consumers hold over £100,000 in investible wealth Wealthy Investors are defined as UK consumers with investible wealth held in savings, investments or defined contribution (DC) pensions of £100,000 and above.  Wealthy Investors as defined in this report, represent 15% of all consumers.  The typical Wealthy investors has, in average, £373.535 in investible wealth. These findings come from the IRN Research report Wealthy Investors...

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21

Feb 2022

Over one-third of Investors take advice

36% of Investors have used financial advisors over the past three years 36% of Investors (equivalent to 18% of all consumers) have used a financial advisor in the past three years, where financial advice must be paid for and is personal to the Investor (e.g. it is regulated financial advice). These Advice Takers generally use the same advisor across multiple financial products, with three-quarters using...

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07

Feb 2022

Wills, probate & trusts market passes £2bn

The UK Wills, Probate & Trusts Market Report 2022 is the 8th edition of an annual research report from IRN Research. Here are some selected findings: In 2021, the wills, trusts and probate market passed the £2.0bn mark for the first time. The pandemic has created some increased demands for will writing. Sadly, the increasing number of deaths in 2020 has driven a growing demand for probate...

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02

Feb 2022

Half of consumers are Investors

50% of consumer own investment products Consumers split into two even camps: 50% can be defined as Investors (i.e., they own at least one type of investment product), with the other half not owning any form of investment product (i.e. non-Investors). These findings come from the IRN Research report How Consumers Invest 2022, published today. Investors, as might be assumed, tend to be more affluent,...

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