Almost one in 10 firms signing up to the FCA register in H2 2025 gave mortgage advice, according to analysis by ISS Market Intelligence.
ISS found that 3,331 firms joined the FCA register in the period, of which 9.4%, or 316, give mortgage advice.
Additionally, 576 advisers moved between mortgage advice firms, ISS said.
Overall, 9,317 individuals joined the register in H2 2025.
There were 69,385 active firms in H2 of 2025, a drop of 1.7% on H1.
The number of unique individual employees of financial services firms also reduced, by 1.2%, to 219,916 over the same period.
The majority of firms deauthorised from the FCA Register were in credit broking.
St. James’s Place continued to lead the adviser headcount table, with 5,153, but lost 43 advisers in H2 of 2025. Openwork, with just over almost half as many advisers (2,871) slightly increased their adviser headcount by adding 16 new advisers.
