LONDON (26 September 2025) – New research from ISS Market Intelligence (ISS MI), the leading provider of data and insights to the global financial services industry, has revealed that 7,860 firms were deauthorised from the FCA Register in the last eight months.
The Landscape Report, powered by data solutions business Autus, which ISS MI acquired in July, draws on FCA Register data to explore the key metrics and trends shaping the landscape of the U.K. financial services industry.
The report reveals a continued decline in the number of financial services firms, with a 2.8 percent drop to 70,131 over the past eight months. The number of unique individuals also reduced, by 1.4 percent, to 220,679.
While the majority of firms deauthorised were in the credit broking space, 521 offered investment advice, and 285 were in mortgage advice. Given the relatively stable number of individuals on the Register, this potentially points to smaller firms consolidating into larger entities in pursuit of economies of scale.
Conversely, 4,402 firms joined the Register during the last eight months, making the net number of firms departing from the Register 3,458. Of the 4,402 firms which joined the Register, 442 offer investment advice and 409 provide mortgage advice. More broadly, it has been a busy eight months for people moving between firms, with over 3,100 individuals transitioning within the industry. The vast majority have moved to similar types of firms, with 828 individuals transitioning from one investment advice firm to another. Additionally, 570 advisers moved between mortgage advice firms.
Benjamin Reed-Hurwitz, Head of Research Development, EMEA & North America at ISS Market Intelligence commented: “The financial services industry is continually evolving and adapting. While keeping pace with developments across various areas of the market presents a significant challenge, it remains a key priority for sales and marketing teams aiming to succeed in the industry. Many organisations lose out on potential opportunities – such as new firms setting up shop – simply because they do not know these opportunities exist.”
When looking at the 30 largest investment advice and mortgage advice firms in terms of client-facing advisers, the report shows a mixed bag. The number of firms increasing their adviser headcount was almost equal to those reducing them.
St. James’s Place (SJP) led the adviser headcount table and added 43 advisers in the last eight months. Openwork, with almost half as many advisers, slightly reduced their adviser headcount.
Quilter Financial Services Limited experienced a particularly dramatic increase over the period, adding 837 advisers.
True Potential saw a further small decrease in adviser numbers in the period, which is quite a contrast with its previous expansions, while 2 Plan increased their adviser headcount by a small amount.
| Rank | Firm Name | Number of Advisers | Change since Dec 2024 |
| 1 | St. James’s Place Wealth Management Plc | 5217 | 43 |
| 2 | Openwork Limited | 2854 | -5 |
| 3 | Quilter Financial Services Limited | 2078 | 837 |
| 4 | True Potential Wealth Management LLP | 1082 | -1 |
| 5 | 2 Plan Wealth Management Limited | 686 | 8 |
| 6 | Evelyn Partners Financial Planning Limited | 405 | -9 |
| 7 | Best Practice IFA Group Limited | 404 | 20 |
| 8 | Fairstone Financial Management Limited | 393 | 8 |
| 9 | The On-Line Partnership Limited | 367 | -15 |
| 10 | HW Financial Services Limited | 363 | 0 |
| 11 | M&G Wealth Advice Limited | 358 | 10 |
| 12 | New Leaf Distribution Limited | 346 | 39 |
| 13 | Sense Network Limited | 334 | 15 |
| 14 | Scottish Widows Schroder Personal Wealth Limited | 330 | -15 |
| 15 | Quilter Financial Advisers Ltd | 314 | 85 |
| 16 | Evelyn Partners Investment Management Services Limited | 285 | 8 |
| 17 | Schroder Investment Management Limited | 278 | -1 |
| 18 | ValidPath Limited | 265 | 65 |
| 19 | Mercer Limited | 257 | -13 |
| 20 | Quilter Cheviot Limited | 245 | 66 |
| 21 | Evelyn Partners Discretionary Investment Management Limited | 243 | 42 |
| 22 | Wesleyan Financial Services Ltd | 241 | -3 |
| 23 | Chase de Vere Independent Financial Advisers limited | 226 | -6 |
| 24 | Evelyn Partners Securities | 223 | 11 |
| 25 | Raymond James Wealth Management Limited | 220 | -1 |
| 26 | Evelyn Partners Investment Management LLP | 215 | 23 |
| 27 | Tilney Discretionary Portfolio Management Limited | 214 | 12 |
| 28 | Succession Financial Management Limited | 209 | 6 |
| 29 | AFH Independent Financial Services Limited | 203 | 4 |
| 30 | Quilter Financial Planning Solutions Limited | 201 | -18 |
In the investment advice space, the latest report shows that most firms still prefer to offer independent, rather than restricted, advice. The number of restricted firms has dropped by over 25 percent from 848 in 2016 to 632 in 2023. The picture is, however, more complex, as large restricted firms with many advisers will only count as one firm.
Reed-Hurwitz concluded: “With over 70,000 firms on the FCA Register, understanding what each company does, as well as their size and scale, is vital for organisations wanting to ensure their sales and marketing activities reach their target market. Through the Landscape Report, our aim is to help firms cut through all that complexity and glean information that will ensure their teams are talking to the right people, at the right time, about the right products.”
Visit our website to learn more about The Landscape Report from ISS Market Intelligence.
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