The latest retail intermediary market update focuses on analysis of the sector based on the data firms have submitted to the FCA via the Retail Mediation Activities Return (RMAR).
The RMAR is submitted by approximately 12,000 intermediary firms that each year help millions of consumers to access key financial products – mortgages, insurance policies, and retail investment products.
This year's publication provides an update of revenue trends up to 2024 as well as an analysis of activities and information on advice and charges for the last full financial year.
Key findings for 2024
- Compared to 2023, reported revenue earned from non-investment insurance distribution and retail investment intermediation rose by 6.6% to £26.1 billion and 6.2% to £5.7 billion respectively
- Reported revenue from mortgage broking decreased by 0.5% to £1.4 billion in 2024.
- Of the firms providing retail investment advice in 2024, 87% provided independent advice, while 12% provided restricted advice. The percentage of all firms that provided both restricted and independent advice was 1.4% in 2024, compared to 2% in 2023.