•          The figures for Q1 table were correct as 07/04/22
  •         Data source – FCA register
  •          Adviser numbers are based on functions CPD20 & CPD21, functions for advising and arranging mortgages and equity release respectively
  •          Some networks do have advisers that are CPD21  only (Equity Release)
  •          FCA definition of a network is; “To be classed as a network, a principal Firm;
  •      has five or more appointed representatives (not counting introducer appointed representatives); or
  •     whose appointed representatives, not counting introducer appointed representatives (and being fewer than five) have, between them, 26 or more representatives
  •          Introducer Appointed Representatives are excluded
  •         All networks shown are regulated
  •         Some networks have several Principal firms (networks) in their group but trade under one brand, these are denoted by *
  •          Figures include AR firms that joined and left a network in the same quarter (Q1 2023)
  •          Table is organised by total number of AR firms registered – this is not a representation of which is the best network, there are many considerations when measuring what is best and is subjective as well as objective. AR numbers indicates the total number of firms the network is responsible for.
  •          Networks with rapid expansion may present them with challenges in there process for authorisation and capacity for oversight
  •          Although not confirmed, it appears that the FCA make updates retrospectively on effective dates, this may be because a firm or individual is authorised or moves before they are able to update the register
  •          There are many reasons why a network may have a large number of AR’s leave in any given period and may not be wholly negative statistic
  •          Any firm or adviser should not choose a network based on its number of AR’s or advisers alone (propositions and culture varies considerably)
  •          There are firms that are Directly Authorised with national coverage and hundreds of advisers, some of which are considered to be amongst the largest producers of mortgage business in the UK, but are not a network, so do not feature in the table
  •          A network allows the firm or adviser to have their own company and brand.
  •          The table excludes advisers that may hold investment, pension or other permission but do not hold permissions to advise on mortgages
  •          The table excludes protection only sellers

 

Report Post 26 May 2023, 3.21 pm
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