Data last verified: 5 November 2026. Figures re-checked against their primary sources under the Whito rolling re-verification programme.
Finding
Firms authorised to give retail investment advice fell 14.1% between February 2023 and August 2025, from 6,595 to 5,664, while the number of authorised advisers barely moved (31,483 to 31,233). Whito calculation from FCA data.
Source: Whito, whito.co.uk/financial-advisers/research/uk-financial-advice-industry, 2026-11-05. Free to quote with a link to this page.
Last Updated on November 6, 2026
Short answer: the number of firms authorised by the Financial Conduct Authority (FCA) to give retail investment advice fell from 6,595 in February 2023 to 5,664 in August 2025, a drop of 14.1% in two and a half years. Over the same period the number of individuals authorised to give that advice barely moved, from 31,483 to 31,233. Fewer, larger firms now employ the same number of advisers, and half of those advisers (49.9%) are aged 50 or over.
There is no clean official business count for financial advisers, so this page uses the regulator’s own figures, released under freedom of information. The calculations are Whito’s.
The key figures
| Figure | Value | Source and date |
|---|---|---|
| Firms authorised to give retail investment advice | 5,664 (end of August 2025) | FCA, FOI release 23 October 2025 |
| Change since February 2023 | -14.1% (from 6,595) | Same release (Whito calculation) |
| Individuals authorised to give retail investment advice | 31,233 (August 2025) | Same release |
| Average advisers per firm | 5.5 (up from 4.8 in February 2023) | Whito calculation from the same release |
| Advisers aged 50 or over | 15,580 (49.9%) | Same release |
| Advisers aged under 30 | 1,893 (6.1%) | Same release |
| Individuals authorised to give mortgage advice | 34,653 (August 2025) | Same release |
| Firms whose permissions were cancelled in 2025 | 400 (59 newly authorised) | FCA, FOI release 26 February 2026 |
Firms are falling, advisers are not
| Date | Firms authorised for retail investment advice | Individuals authorised | Advisers per firm |
|---|---|---|---|
| End of February 2023 | 6,595 | 31,483 | 4.8 |
| End of February 2025 | 5,870 | 31,279 | 5.3 |
| End of August 2025 | 5,664 | 31,233 | 5.5 |
Source: FCA freedom of information release, “Information on firms authorised to provide retail investment advice”, released 23 October 2025. Advisers per firm is a Whito calculation.
A separate FCA release (26 February 2026) covering the 2025 calendar year counted 5,616 firms authorised to give retail investment advice, with 59 firms newly authorised and 400 firms whose permissions were cancelled during the year. A further 125 firms removed their retail investment advice permission but stayed authorised. That release uses a different adviser measure (38,426 “retail investment advisers”), so its adviser figure should not be compared with the table above.
The likely cause of the fall in firms, given that adviser numbers are flat, is consolidation: smaller firms being bought by or merging into larger ones, and owners retiring. The FCA figures do not say why, so treat that as Whito’s reading.
An ageing profession
| Age | Advisers (August 2025) | Share |
|---|---|---|
| Under 25 | 171 | 0.5% |
| 25 to 29 | 1,722 | 5.5% |
| 30 to 39 | 6,282 | 20.1% |
| 40 to 49 | 7,478 | 23.9% |
| 50 to 59 | 9,183 | 29.4% |
| 60 and over | 6,397 | 20.5% |
| Total | 31,233 |
One adviser in five is 60 or over. Fewer than one in sixteen is under 30.
Rules that apply
- Giving regulated financial advice in the UK requires FCA authorisation, either directly or as an appointed representative of an authorised firm. The FCA register is free to search and shows each firm’s permissions.
- The Consumer Duty has applied to firms’ products and services since 31 July 2023, requiring good outcomes for retail customers.
- A new “targeted support” regime, which lets firms give more tailored help without full advice, went live on 6 April 2026 after the FCA confirmed final rules in March 2026 (Freshfields, 12 March 2026).
Industry revenue
Trade press reporting of the FCA’s Retail Mediation Activities Return data put total adviser firm revenue at £8.38 billion in 2025, across 4,294 advice firms and 26,435 advisers (Professional Adviser, 24 July 2026). Those counts use the FCA’s return definitions and are not directly comparable with the authorisation figures above.
What we do not know yet
- Regional spread. The FCA releases above give no regional breakdown. A count by region from the FCA register is a planned addition.
- Fees. How many advice firms publish their charges is the next planned Whito study for this sector.
Method and limits
- Figures are as released by the FCA under freedom of information; reference periods are stated in each table.
- Percentages and advisers per firm are Whito calculations.
- “Firms authorised to provide retail investment advice” counts firms with the relevant permission; firms working only as appointed representatives may be counted differently. Do not mix figures from different releases.
Compare with other industries: see UK trade businesses in 2026: ten industries compared, one table with each count, its date and the change since 2010 and 2021.
Common questions
How many financial advice firms are there in the UK?
5,664 firms were authorised by the FCA to give retail investment advice at the end of August 2025, down from 6,595 in February 2023.
How many financial advisers are there in the UK?
31,233 individuals were authorised to give retail investment advice in August 2025, according to the FCA. A different FCA measure counted 38,426 retail investment advisers in 2025.
Is the number of financial advice firms falling?
Yes. It fell 14.1% between February 2023 and August 2025, while the number of authorised advisers stayed almost the same.
How old are UK financial advisers?
49.9% of advisers authorised for retail investment advice were 50 or over in August 2025, and 20.5% were 60 or over.
How do I check a financial adviser is regulated?
Search the FCA register by firm or adviser name. It shows whether they are authorised and what they are allowed to do.
Sources (opened 5 November 2026)
- FCA FOI, information on firms authorised to provide retail investment advice (released 23 Oct 2025): https://www.fca.org.uk/freedom-information/information-firms-authorised-provide-retail-investment-advice-october-2025
- FCA FOI, firms authorised to give financial planning advice (released 26 Feb 2026): https://www.fca.org.uk/freedom-information/information-number-firms-authorised-give-financial-planning-advice-february-2026
- Freshfields, FCA finalises targeted support rules (12 Mar 2026): https://www.freshfields.com/en/our-thinking/blogs/risk-and-compliance/fca-finalises-targeted-support-rules-applications-now-open-102mmq0
- Professional Adviser, adviser firm revenue reaches £8.38bn in 2025 (24 Jul 2026): https://www.professionaladviser.com/news/4533369/adviser-firm-revenue-reaches-838bn-2025
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