Some 24 fewer advice firms were authorised with regulatory permissions in the year leading up to June 2020 than in the previous year, a freedom of information (FOI) request submitted by Professional Adviser has found.
The FOI, submitted to the Financial Conduct Authority (FCA), found that in the period from 1 July 2019 to 20 June 2020, 172 firms gained authorisation. In comparison, 196 firms received authorised status in the period between 1 July 2018 and 30 June 2019. Last month, PA reported a 20% increase in advice firms giving up their authorised status in the same period. In the 12 months leading up to June 2020, 252 advice firms gave up their authorised status. However, that number was 210 in the 12 months previous. Subsequently, data from the regulator showed that, for the first time in half ...
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