Figure 5 shows that nearly 9 out of 10 financial adviser firms have 5 advisers or fewer each and these firms account for 3 out of 10 adviser posts at financial adviser firms.

Find out more about source data in this section. Report Updated: With October 2019 Data on November 1st, 2019. • Compared with 2018, the total spent on professional indemnity insurance (PII) premiums by financial adviser firms increased by 17% from £94.4m to £110.3m. Mortgage brokers reported total earnings from the 3 main regulated activities of £1.39bn up 6% from £1.31bn in 2018. The steps taken by some firms, since then, include reviewing the suitability of clients whose trading may otherwise have been subject of a STOR and restricting their access to financial markets where appropriate. Compared to 2018, PII increased for the smallest firms (Up to £100k revenue) and the largest firms (Over £10m revenue). These increases are likely to reflect the changes in the Ombudsman award limit and claims experienced by the market. This represents an increase of 1% since 2018 (from £18.2bn). This trend has increased 8 percentage points from 2016, where it was 79%. Figure 10 also shows that the split between Independent and Restricted advice based on revenue, has remained largely the same as 2018: Independent (59%) and Restricted (41%), respectively. PII premium as a percentage of regulated revenue has increased in 2019 for financial adviser firms when compared with 2018. Within this there is significant variation by size of firm with the smallest firms paying a much higher percentage of revenue than the largest firms. Table 3: Insurance intermediaries – average revenue per firm in 2019. Financial adviser firms generally paid a lower premium the larger the firm, the exception being those in the £501,000 to £10m revenue band where the average premium as a percentage of revenue was higher than the band below. We believe these restrictions have resulted in less suspicious activity being facilitated by these firms, and consequently a reduction in STORs. Chart tips: hover over data series to view the data values and filter the data categories by clicking on the legend. Over 3 in 10 of these firms have a surplus of over £500,000. Figure 4 shows that, in contrast with the other intermediary types, nearly all of this came from their core insurance business. This section provides information on revenue and adviser staff for 2019 split by type of firm. • 94% of financial adviser firms reported making a profit in 2019 with total pre-tax profits down to £808m from £872m in 2018. Revenue earned by mortgage, retail investment and non-investment insurance firms increased by 8.5%, 0.7% and 1% respectively in 2019.

The average PII premium paid by insurance brokers was 1.7% of average regulated revenue. *Non-investment insurance is a contract of insurance which is a general insurance contract or a pure protection contract but which is not a long-term care insurance contract. The exact requirement for each firm depends on the nature its business and the amount of revenue it earns. Average pre-tax profit per firm also decreased since 2018, again except for those with 1 adviser which increased by less than 1%. Figure 10 shows that total revenue earned from adviser charges by all firms reporting in 2019 increased by £257m to £5.56bn from £5.3bn in 2018. The Annual Report and Accounts 2018/19 shows how the FCA's work over the last year has met its objectives and delivered the key priorities in its Business Plan 2018/19. The data on this page is available under the terms of the Open Government Licence. Average retained profit per firm was down on 2018 for all sizes of firm. All rights reserved. A higher proportion of insurance intermediaries have larger surpluses than the other firm types, which reflects the very large firms in that population. The ‘£101 to £500k’ band increased from 2.2% in 2018 to 2.8% in 2019. European brands were up 1.2% to a share of 9.6%, the highest since 2013. Table 6: PII premiums paid by mortgage broker firms. We use this information to help us supervise the activities of these intermediary firms and inform our other regulatory functions. Showing 1 to 11 of 38 search results for market watch. The STOR regime requires market participants to identify and report suspicions of potential market abuse to the FCA. Table 5 shows that the average PII premium paid by financial adviser firms in 2019 was 2.3% of their average regulated revenue (2% in 2018).

This analysis gives an update on firms in the retail intermediary sector based on data for 2019. Figure 1 shows that total reported annual revenue from retail investment business increased by 0.7% between 2018 and 2019 (from £4.42bn to £4.45bn). For retail investment business, commission accounted for 16% of revenue while fees/charges accounted for 82%. The 2019 figures also show the number of commodity and fixed income STORs have continued to rise. This reflects steps taken by firms to improve their detection capabilities and we encourage firms to continue developing surveillance capabilities in this area. Table 1 shows that firms in the 6-50 adviser category have the highest average retail investment revenue per adviser at £189,449 (although down 3% from £194,390 in 2018).

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