Revenues at adviser support company SimplyBiz fell by 3% in 2020 although profits remained steady.

New Model Business Academy, the adviser academy run by SimplyBiz, has been criticised by education inspector Ofsted for a second year after it was found to be “making insufficient progress” from its previous inspection.

Profits have risen 56% at adviser support company SimplyBiz, as an improvement in underlying earnings from the first six full months of trading following the Defaqto acquisition helped offset a significant reduction in valuation income.

Ken Davy, founder and chairman of adviser support company SimplyBiz, is to step down to become deputy chairman next year in a senior executive reshuffle.