The retail intermediary market data 2023

We give our latest analysis of the intermediary sector based on data drawn from the Retail Mediation Activities Return (RMAR) for 2023.

Firms that provide advice on, or arrange, mortgages, insurance policies or retail investment products for consumers must send us information about their activities on the RMAR.

We use this information to help us supervise the activities of these intermediary firms and inform our regulatory functions. We have published RMAR data since 2016. This analysis gives an update on firms in the retail intermediary sector based on data for 2023.

The data reflects returns submitted to us by firms for periods ending within 2023.

In our analysis we categorise firms based on their main type of regulated business activity. For example, financial advisers, insurance intermediaries or mortgage brokers. In 2020 we changed the methodology used to categorise firms. Some firms may have changed category, so care should be taken when comparing the 2 data sets from and after 2020 at the category level.

Key findings

  • Reported revenue from retail investment intermediation in 2023 decreased by 3% to £5.3 billion, compared to 2022 (Figure 1).

  • Reported revenue from mortgage broking fell by 13% to £1.37 billion in 2023, compared to £1.58 billion in 2022 (Figure 2).

  • Revenue from non-investment insurance distribution rose by 16% to £24.6 billion (Figure 3).

  • The share of retail investment revenue accounted for by commission fell from 13% in 2022 to 12% in 2023. For non-investment insurance distribution and mortgage broking, commission remains the primary source of revenue, accounting for 83% for non-investment insurance distribution (down 1% from 2022) and 78% for mortgage broking (unchanged from 2022).

  • The reported number of retail investment adviser posts across all firms fell to 37,136 in 2023 compared to 37,381 in 2022. The reported number of mortgage adviser posts rose to 36,836 compared to 36,441 in 2022. 

  • Of the firms providing retail investment advice in 2023, 86% provided independent advice. Conversely, 12% of firms provided restricted advice. The percentage of all firms that provided both restricted and independent advice in 2023 was 2% compared to 1% in 2022.

 

Download underlying data for 2023 (XLSX)

 

Chart tips: hover over the data series to view the data values and filter the data categories by clicking on the legend.

Trends in revenue 2016-2023

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Figure 1: Revenue earned from retail investment business year by year 2023. Source: FCA RMA-B returns 2023

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The chart has 1 X axis displaying categories.
The chart has 2 Y axes displaying Revenue £ and values

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Figure 1: Revenue earned from retail investment business year by year 2023Created with Highcharts 6.1.0
Figure 1: Revenue earned from retail investment business year by year 2023
CategoryCommission (Net) (£)Fees/chargesOther revenueTotal regulated revenue
2016£843,861,392£2,302,566,275£109,287,426£3,255,715,093
2017£804,604,429£3,022,515,996£126,932,227£3,954,052,652
2018£755,529,446£3,526,171,821£135,879,437£4,417,580,704
2019£693,995,764£3,636,231,935£116,154,148£4,446,381,847
2020£633,585,225£3,661,972,429£102,304,534£4,397,862,188
2021£701,408,138£4,555,161,337£117,453,148£5,374,022,642
2022£713,893,124£4,721,835,211£79,643,548£5,515,371,883
2023£656,838,779£4,614,725,274£69,782,154£5,341,346,207

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Figure 2: Revenue earned from regulated mortgage business year by year 2023. Source: FCA RMA-B returns 2023

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Structure.

Bar chart with 4 data series.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying Revenue £.

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Chart graphic.

Figure 2: Revenue earned from regulated mortgage business year by year 2023Created with Highcharts 6.1.0
Figure 2: Revenue earned from regulated mortgage business year by year 2023
CategoryCommission (Gross)Fees/chargesOther revenueTotal regulated revenue
2016£637,932,267£163,505,589£5,189,336£806,627,192
2017£786,656,357£221,674,893£6,684,853£1,015,016,107
2018£926,263,945£241,268,278£7,848,680£1,175,380,903
2019£984,829,093£282,136,351£8,180,509£1,275,145,953
2020£955,754,333£259,400,044£6,405,104£1,221,559,481
2021£1,123,291,746£278,778,971£8,889,381£1,410,960,115
2022£1,235,984,184£330,449,368£14,209,910£1,580,643,462
2023£1,067,615,436£293,513,245£8,292,103£1,369,420,784

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Figure 3: Revenue earned from non‐investment insurance business year by year 2023. Source: FCA RMA-B returns 2023

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No description available.

Structure.

Bar chart with 4 data series.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying Revenue £.

View as data table.

Chart graphic.

Figure 3: Revenue earned from non‐investment insurance business year by year 2023Created with Highcharts 6.1.0
Figure 3: Revenue earned from non‐investment insurance business year by year 2023
CategoryCommission (Gross)Fees charges Other revenueTotal regulated revenue
2016£13,158,182,208£1,856,487,187£841,401,594£15,856,070,989
2017£14,312,973,928£1,888,874,695£906,424,314£17,108,272,937
2018£15,284,404,291£1,952,883,194£975,732,081£18,213,019,566
2019£15,295,930,989£2,106,881,836£1,001,893,529£18,404,706,354
2020£15,627,076,906£2,119,253,389£876,675,382£18,623,005,677
2021£16,260,313,552£2,099,540,374£987,029,387£19,346,883,322
2022£17,714,337,476£2,329,091,513£1,168,162,257£21,211,591,245
2023£20,416,735,399£2,627,713,931£1,506,643,798£24,551,093,128

Copyright

The data on this page is available under the terms of the Open Government Licence.