Adviser revenues up 25% in 2018: FCA
New data from the FCA shows that total pre-tax profits for financial adviser firms was £872m for 2018, up 25% from the £698m recorded in 2017.
Mortgage brokers reported total earnings fof £1.31bn, up 13% from £1.16bn in 2017. A third of this (£449m) came from selling non-investment insurance products.
Total reported revenue earned from the mediation of regulated mortgages was £1.18bn for 2018, an increase of 16% on 2017 (£1.02bn). This includes £67m earned from second, or subsequent, charge mortgage business - a 10% increase on 2017 (£61m).
The total number of staff advising on mortgages was 14,052, up 7% on 2017, most of which was accounted for by large firms.
The figures also show that commission declined further as a source of revenue, accounting for 17% of revenue earned in 2018 compared to 20% in 2017. This continues the trend seen since the implementation of the Retail Distribution Review at the end of 2012.
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