The number of active FCA-authorised individuals dropped significantly in March with a net loss of more than 800 people on the FCA Register/Directory, according to data services provider Autus.

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.

Nearly 9 in 10 financial advisers offer independent rather than restricted financial advice, according to data published this week in the FCA’s Retail Mediation Activities Return (RMAR) report for 2022.