The revenue figure comprised £995.8m in commissions, fees of £259.4m and other revenue made up £6.4m.
Commission represented 78 per cent of brokers’ income, up from 77 per cent in 2019.
The data is taken from the regulator’s Retail Intermediaries Activity Return (RIAR), which collects information from firms providing advice on mortgages, insurance and retail investments.
The income decline of mortgage brokers compared to a one per cent fall for retail investment intermediaries to £4.40bn in 2020.
Meanwhile, insurance brokers enjoyed a 1.2 per cent rise in income to £18.62bn last year.
The RIAR categorises firms based on their main type of regulated business activity.
The categorisation methodology was changed for the 2020 analysis, which may have had a impact when making comparisons to last year’s figures.
