Of the new advice firms, 68 were registered as investment advisers and 44 as mortgage advisers.

The total number of newly-registered advice firms is similar to 12 months ago when 118 firms were registered in May 2023.

However, the number of investment advice firms newly authorised has risen from 52 in May last year to 68 this June.

There were a total of 260 new financial services firms of all kinds registered with the regulator in June, according to data firm Autus’ analysis of monthly data from the FCA.

However, there was an overall reduction in the number of firms due to 334 becoming de-authorised during the month.

Over the course of June there were 3,384 new regulated staff appointments registered with the regulator, with 1,260 being individuals new to the FCA’s directory.

Of these new appointments 893 were registered as adviser only, 168 as senior adviser and 56 as investment manager/adviser.

There were 632 new investment advisers, 37 of whom were also registered as mortgage advisers.

There were 2,261 terminated appointments.

Source: Autus Data Services

The FCA is set to publish its latest set of data, based on its analysis of the intermediary sector data drawn from the Retail Mediation Activities Return, within the next month.

Included in the FCA’s Retail Mediation Activities Return (RMAR) report will be the percentage of advice firms providing restricted and independent advice, typical charges levied, revenue earned by the sector and staff data.