More than 9,000 individuals joined the FCA Register in the second half of 2025, even as the total number of authorised firms continued to decline.

Research from ISS Market Intelligence shows that 9,317 individuals joined the FCA Register in the final six months of last year, while 3,331 firms were newly authorised over the same period.

The bi-annual Landscape Report, which analyses firms and individuals on the FCA Register and Directory, found that the overall number of active financial services firms fell by 1.7% to 69,385 in H2 2025. The number of unique individual employees also declined, by 1.2%, to 219,916.

The majority of firms deauthorised during the period were operating in credit broking.

NEW AUTHORISATIONS

Despite the net fall in firm numbers, the pace of new authorisations increased. Of the 3,331 firms joining the Register in H2, 284 offer investment advice and 316 provide mortgage advice, broadly in line with the ratio seen in the first half of 2025.

Movement between firms remained concentrated within like-for-like sectors. A total of 936 individuals moved from one investment advice firm to another, while 576 advisers switched between mortgage advice firms.

Benjamin Reed-Hurwitz, head of research development, EMEA and North America at ISS Market Intelligence, said: “The financial services landscape never stops shifting. Staying on top of developments across different segments is challenging, yet it’s essential for sales and marketing teams that want to stay competitive.

“Many firms can find themselves missing out on valuable opportunities, such as new players entering the market, simply because they aren’t aware they’re out there.”

ADVISER HEADCOUNT

The report also examines adviser numbers across the 30 largest investment and mortgage advice firms, highlighting mixed growth trends in client-facing headcount.

The number of firms increasing adviser numbers was almost equal to those reducing them, and the top five firms retained their positions compared with H1 2025.

St. James’s Place Wealth Management Plc remained at the top of the table with 5,153 advisers, despite a net reduction of 43 over the period.

Openwork Limited, with 2,871 advisers, added 16, while Quilter Financial Services Limited increased its headcount by 28 to 2,058. The latter had added 789 advisers in H1 2025.

True Potential Wealth Management LLP reported a rise of 22 advisers to 1,102, and 2 Plan Wealth Management Limited increased its total by seven to 681.

Further down the table, Quilter Financial Advisers Ltd recorded one of the larger increases in the period, adding 72 advisers to reach 351, while ValidPath Limited added 54 to reach 302. AFH Independent Financial Services Limited increased its adviser base by 33 to 232.

Elsewhere, several firms saw modest reductions, including M&G Advice Partners Limited, down 16 advisers to 337, and Wesleyan Financial Services Ltd, which fell by 15 to 227.

Reed-Hurwitz said: “With nearly 70,000 firms on the FCA Register, organisations need a clear view of each firm’s size, footprint, and offering.

“A strong grasp of the adviser landscape is crucial for driving effective sales and marketing performance.

“The Landscape Report is designed to cut through this complexity and give teams the insight they need to engage the right people at the right moment with the right solutions.”

The report is available from ISS Market Intelligence.