The FCA and its Practitioner Panel are set to launch a joint survey of 25,000 regulated firms shortly to seek feedback on how the FCA is regulating the sector.

The Financial Conduct Authority cancelled the registration of more than 440 mutual societies last year, most of which had already been wound up.

I have some bad news for the Chancellor. The financial services sector, one of the great hopes of the government in terms of jobs and economic revival, is shrinking.

The number of active FCA-authorised firms has dropped by 3.7% over the past six months to 75,213 - down 7% year on year, with M&A activity driving much of the consolidation.