Revenues generated by retail investment intermediaries increased by 6% in 2024 to £5.7bn (2023: £5.3bn). 

The number of adviser firms providing independent financial advice fell 5% (year-on-year) in 2024, according to data from the latest FCA Retail Intermediary Market Data report out this week.

The FCA has proposed further cuts to data reporting requirements by reducing the frequency of submissions for selected sections of the Retail Mediation Activities Return (RMAR).