View more on these topics

Number of mortgage advice firms falls by 10%

The number of mortgage advice firms fell by nearly 10 per cent last year, according to FSA figures.

In December 2010, there were 4,364 firms whose primary business was giving mortgage advice but this fell to 3,937 by December 2011.

The number peaked at 8,509 in December 2007, 53.7 per cent higher than in December last year.

The number of directly authorised mortgage firms fell by 12.4 per cent from 1,726 in December 2010 to 1,512 in 2011 while the number of appointed representative firms fell by 8 per cent from 2,628 to 2,425.

The number of firms that provide financial advice as their main regulated activity fell by 0.4 per cent over the same period, from 13,791 to 13,732. Since its peak in September 2009, the number of financial advice firms in operation has fallen by 7.4 per cent from 14,837.

In total, the number of DA financial advice firms rose by 1.1 per cent, from 5,084 in December 2010 to 5,142 last year and the number of AR firms fell by1.3 per cent from 8,707 to 8,590.

Coreco director Andrew Montlake says: “The market is tough. Regulatory costs, the MMR and lenders’ lack of lending all take their toll.”


Midas balanced fund turns to wealthy nations

MAM Funds is diversifying bond exposure within its Midas balanced growth fund through an institutional fund that invests in countries and companies that have the greatest ability to repay their debts. The wealthy nations bond fund, managed by EFG Asset Management with Stratton Street Capital as sub-advisor, invests only in investment-grade bonds, as its management […]

Funds hit as India shuts CGT loophole

The Indian government has closed a loophole which allowed funds with exposure to India to avoid paying a 15 per cent capital gains tax by trading through a Mauritian subsidiary. In March, the Indian government announced it is scrapping a taxation treaty with Mauritius, which allowed foreign investors to access the Indian market free of […]


Axa platform sees ‘expected’ losses increase to £33.5m

Axa Portfolio Services, the firm responsible for the Axa Elevate platform, saw pre-tax losses increase 29 per cent to £33.5m in 2011, compared to a £26m loss in 2010. The firm spent £3.2m on the Axa Elevate platform in 2011, a decrease of 70 per cent on the £10.8m spent in 2010. The firm’s accounts […]

Greece: the sideshow continues

Artemis managers James Foster, Mark Page and Laurent Millet comment on the Greek deal, describing it as “just another fudge” getting in the way of bigger developments in China, the UK and the US. To read the full article click here.


News and expert analysis straight to your inbox

Sign up


There are 3 comments at the moment, we would love to hear your opinion too.

  1. There maybe a 10% drop in firms, but the drop in mortgage advisers has been much, much greater. Lenders are in the driving seat, so bank’s will benefit. A bit like RDR really. The bank’s will be the beneficiaries eventually.

  2. A drop of 10% in mortgage advice firms!?!?!
    They are and have been for a few years now dropping like flies in the south east and that’s the more well-heeled pasrt of the country!
    I agree Richard @ 1.31pm the actual drop in mortgage advisers has been (and still s) servere as they can’t earn a living as no lender wants the business anymore!
    Good luck to any firms who are still trying to operate as just a mortgage arranging firm, and you have your own RDR to look forward to as well!!

  3. Helen - Ellis Jones Recruitment 13th April 2012 at 11:34 am

    In recent months we have found an increase in newly qualified mortgage advisers and experienced mortgage advisers wanting to join/rejoin the industry.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm