The total was shared between 4,865 firms, according to the regulator’s data.

The statistical bulletin also showed the number of firms and staff who advise on retail investments. See graph below from the FCA.

The nearly 5,000 firms were made up of 2,427 businesses with only one adviser.

Companies with 2-5 advisers numbered 2,235, 6-50 advisers was 518 and over 50 advisers totalled just 38.

Tables/graphs Credit: See FCA website for more

The report stated: “There are large numbers of small firms – 91% of firms have five advisers or fewer - but the large firms account for a high proportion of all advice staff.

“The top 1% of firms (by adviser number) account for 45% of all advisers and 43% of revenue earned from retail investment activities.

“The large firms typically operate as networks with their advisers having the status of Appointed Representatives.”

The figures come through the Retail Mediation Activities Return, which was originally introduced in April 2005 (by the FSA) and is the core regulatory return submitted.

The RMAR has 11 sections, covering different aspects of a firm’s business including financials (Balance sheet, Profit and Loss account, Client Money and Capital resources) as well as other information such as threshold conditions, conduct of business, training and competence and retail investment adviser charges.

Not all firms complete all sections of the return, depending on the type of business.