We present data on the appointed representatives population and financial services activity. This data is updated every 6 months.
The appointed representatives (AR) regime plays a crucial role in how consumers interact with financial services. We’re focused on strengthening principal firm oversight of ARs and our commitment to being a smarter data-led regulator[1] shapes the work we do.
Data collection
We collect data on principal firms and appointed representatives through principals completing 'Add, Change and Terminate AR' forms and REP025 data submissions. We also make use of other data that is provided by firms, like the Retail Mediation Activities Return (RMAR).
- Add, Change and Terminate AR data helps us understand the main reason for appointing the AR, the nature of the AR’s business and activities, and expected revenue from regulated and unregulated activities.
- REP025 data is submitted annually and helps us understand ongoing activities and potential risks related to principals’ ARs. This includes revenue from both regulated and non-regulated data, as well as complaints data.
How we use data
We use the data to focus our resources on the highest risk principals and their ARs. Data informs our decisions and judgements and helps us prioritise our supervision to effectively tackle harm to consumers and markets. We also use data on how many appointed representatives a principal firm has to inform how fees are calculated. Read more about how we calculate fees[2].
Find out more about how we use the data provided in REP025[3].
Appointed representatives population data
The figures below show the size of the AR population since its inception, as well as a more detailed outlook on the services they offer.
Chart
Data table
The AR population has grown significantly from its inception in 1986 to c. 34,000 active ARs in 2025.
At the end of February 2025, there were 2,571 principals and 33,830 ARs, a reduction of 190 principals (7.4%) and 410 ARs (1.2%) over the year from February 2024.
Chart
Data table
Since 2007, the population of ARs in general insurance and protection has been gradually decreasing while the number of ARs in consumer finance has been growing.
The sector with the biggest increase was consumer finance, which added 358 ARs (a 2.3% increase). The sector with the biggest decrease was general insurance and protection, which lost 587 ARs (a 6.8% decrease).
Appointed representatives' financial services activity
REP025 helps us understand how ARs are generating:
- revenue from regulated activities
- revenue non-regulated financial services activities
- revenue from non-financial activities
- complaints customers are making
We can understand the size of businesses interacting with the AR regime, where markets are growing or declining, and where risks might be emerging.
Latest revenue data
In 2024, ARs generated £11.1bn regulated revenue from financial services. Of this, £2.4bn came from ARs whose principals are mainly retail investment firms, £3.6bn from insurance firms and £2.3bn from consumer finance, of which £709m was from mortgage broking.
Chart
Data table
The 4 largest sectors for revenue generated by ARs from regulated activities are general insurance and protection, consumer investments, consumer finance and investment management.
ARs also generated a further £27bn of non-regulated financial services revenue. Of this, £9.1bn came from wholesale financial markets ARs, £8.5bn from consumer finance and £7.4bn from general insurance and protection.
Chart
Data table
Three sectors have significantly more revenue generated by ARs from non-regulated financial services activities: wholesale financial markets, consumer finance and general insurance and protection.
