According to research from ISS Market Intelligence, more than 9,000 individuals joined the FCA register in the second half of last year. This is coupled with around 3,331 firms joining the register in the same period.
Within that, around 316 firms offer mortgage advice, which is in line with the same period the year before.
The report added that 576 advisers had moved between mortgage advice firms in the last six months of 2025.
In total, it said there were 34,406 individuals advising or arranging regulated mortgages and 6,200 operating in equity release.
The report found that Mortgage Advice Bureau (MAB) was the largest mortgage network, although it reduced by 331 people. Conversely, MAB Derby grew by 196 people.
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Stonebridge, First Complete, HLPartnership and Connells all increased numbers, with Stonebridge extending its lead over First Complete.
Meanwhile, Quilter Mortgage Planning lost 42 Registered Individuals.
The report noted that there had been a fall in financial services firms, with a 1.7% drop to 69.385 active firms in H2 2025, and the number of unique individual employees contracted by 1.2% to 219,916.
Most firms that were de-authorised from the register were for credit broking.
Benjamin Reed-Hurwitz, head of research development for EMEA and North America at ISS Market Intelligence, said: “The financial services landscape never stops shifting. Staying on top of developments across different segments is challenging, yet it’s essential for sales and marketing teams that want to stay competitive.
“Many firms can find themselves missing out on valuable opportunities, such as new players entering the market, simply because they aren’t aware they’re out there.”
He added: “With nearly 70,000 firms on the FCA register, organisations need a clear view of each firm’s size, footprint, and offering. A strong grasp of the adviser landscape is crucial for driving effective sales and marketing performance.
“The Landscape Report is designed to cut through this complexity and give teams the insight they need to engage the right people at the right moment with the right solutions.”
