Fintel, formerly known as SimplyBiz, has reported a drop in revenues and profits in its 2020 results as the adviser support company seeks more acquisitions.

SimplyBiz Group, the adviser support company, has rebranded as Fintel following its acquisition of fintech Defaqto and a greater focus on financial technology.

Revenues at adviser support company SimplyBiz fell by 3% in 2020 although profits remained steady.

New Model Business Academy, the adviser academy run by SimplyBiz, has been criticised by education inspector Ofsted for a second year after it was found to be “making insufficient progress” from its previous inspection.