The number of individuals fell by 806, with 2,630 appointments terminated and 1,824 new appointments. Of those, just 581 were new to the register/directory.

Meanwhile 486 firms de-authorised in the month while just 179 new firms were authorised.

Autus said: “The contraction in the number of firms has been ongoing for many months now, however significant falls in the number of people is a more recent occurrence.”

Of the 179 new firms, just 33 were investment advice businesses. Some 60 of them were credit brokers while 43 were mortgage advisers.

The new firms were spread across the country, with 54 based in Greater London and a 29 in the South East. The East Midlands was the third most popular location for new firms with 23 new firms registered, followed by the North West with 17.

Next was West Midlands with 12, North East and Scotland with 10 new firms each, then the South West with seven, Wales with six and Northern Ireland with five.

Of the 1,824 new appointments, 841 were listed as advisers, 408 as directors/partners, 210 as senior managers and 121 as senior advisers.

Of the new advisers, 554 were listed as investment advisers and 374 as mortgage advisers, with 57 of the total encompassing both sectors.

Autus analysis of previous FCA figures for its report ‘The FCA Register & Directory Landscape 2023-24’ published in January showed that the number of active FCA authorised firms had dropped significantly to 75,213, a fall of 3.7% over six months, as M&A activity and acquisitions grew.

The report said: “The number of firms reducing significantly more than the number of individuals suggests a continuing movement of individuals into larger firms brought about by both acquisition and natural movement.”

It said that there were around 280,000 people on the FCA register, which listed more than 90 different activities for them.

A total of 66,607 people were authorised to provide investment and/or mortgage advice, with 30,258 investment only and 27,469 mortgage only.

The report also showed that nearly 3,700 people moved from one firm to another over the period, down from more than 4,000 in the previous six months. It said that the drop, “perhaps indicated an increased desire for more job certainty in times of wider uncertainty.”