| Link(s): | Appointed representatives data | FCA |
Context
Every six months the FCA publishes data on the Appointed Representative (AR) population and its financial services activity. The AR population has grown significantly from its inception in 1986 to around 33,000 active ARs in 2026. The FCA collects data on Principal firms and ARs through Principals completing ‘Add, Change and Terminate AR’ forms and REP025 data submissions. It also makes use of other data that is provided by firms in returns such as the RMAR.
Key points to note and next actions
- The FCA uses the data to focus its resources on the highest risk Principals and their ARs. By analysing trends in the size of the regime, firm activity and revenue, the FCA identifies where sectors are growing or changing and where risks may be emerging.
- At the end of March 2026, there were 2,431 Principals and 33,347 ARs, comprising 20,728 Full ARs and 12,619 Introducer ARs (IARs).
- This represents a reduction of 137 Principals (5.3%) and 224 ARs (0.7%) compared with March 2025.
- Since 2011, the population of ARs operating in general insurance and protection has been gradually decreasing. This sector saw the largest decrease, losing 346 ARs over the year (down 4.8%).
- In 2025 (covering 1 Jan to 31 Dec), ARs generated around £13.1bn in regulated financial services revenue. This was £0.9bn higher than in 2024 (up 7.3%). Revenue rose even as the numbers of ARs fell. This suggests a greater concentration of regulated activity among a smaller number of AR-Principal relationships.
- The largest contributor to regulated revenue in 2025 remained general insurance and protection (£4.03bn, compared to £3.83bn in 2024).
- ARs also generated around £24.5bn in non‐regulated financial services revenue in 2025. Of this, £9.3bn from general insurance and protection (the highest sector figure).