According to analysis by ISS Market Intelligence, almost one in ten companies that signed up to the FCA register in the second half of 2025 were providing mortgage advice.
ISS found that 3,331 companies joined the FCA register in the period, of which 9.4%, or 316, provide mortgage advice.
In addition, 576 advisors moved between mortgage advice agencies, ISS said.
A total of 9,317 people joined the register in the second half of 2025.
There were 69,385 active businesses in the second half of 2025, down 1.7% from the first half.
The number of unique individual employees of financial services firms also fell by 1.2% to 219,916 over the same period.
The majority of unlicensed firms on the FCA register were engaged in credit broking.
St. James’s Place continued to lead the number of advisors, with 5,153, but lost 43 advisors in the second half of 2025. Openwork, with just over half the number of advisors (2,871), increased the number of advisors slightly by adding 16 new advisors.