Laura WilesThe FCA has updated its website with details on the appointed representatives population and activity.
There are currently around 33,000 active ARs and 2,400 principals, representing a reduction of 5.3% in principals and 0.7% in ARs compared to March 2025. The AR population comprises 20,728 full ARs and 12,619 introducer ARs.
The latest data continues to show that the largest number of ARs have been in consumer finance, with the number operating in general insurance and protection decreasing year on year. The consumer finance sector also added 114 ARs from 2025 to 2026, representing a 2.5% increase, while the general insurance and protections sector showed the largest decrease, losing 346 ARs during the same period (down 4.8%).
AR populations remained largely consistent in pensions and retirement income, whole financial markets, retail banking, investment management and consumer investments.
The latest revenue data (covering the 2025 calendar year) showed that ARs generated around £13.1bn income regulated financial services revenue, an increase of around £0.9bn (or 7.3%) compared to 2024. With revenue rising even as AR numbers fall, there appears to be a greater concentration of regulated activity among a smaller number of AR-principal relationships.
Despite the falling numbers of general insurance and protection ARs, this AR population continues to be the largest contributor to regulated revenue, with around £4bn coming from this sector in 2025, compared to £3.3bn for consumer finance, £2,8bn for consumer investments and £1.9bn for investment management.
The non-regulated financial services revenue generated by ARs in 2025 was £24.5bn. Of this total, around £9.8bn came from wholesale financial markets, £9.3bn from general insurance and protection and £3.7bn from consumer finance.