PTFS said the FSA stats show that in the last month the network enjoyed an increase of 49 firms and 966 firms in total, moving from third to second place ahead of Openwork.

The firm said the figures also confirmed it showed by far the strongest growth of all of the networks at a time when many of the networks show a reducing number of ARs.

Dev Malle, sales director at PTFS, said it was encouraging from a strategic perspective that it continued to grow its network distribution.

He explained: “The number of firms is not as important as the number and quality of advisers as this is ultimately what governs the network business volume and risks. It is for this reason we are particularly pleased with the market share increases we have seen and the significant movement up our supplier rankings.”

Malle said its members also took comfort in the strength of its model and financial position, as well as its technology led independent and whole of market approach.