OE-M07: Number of new entrants, exits from UK market, for each sector
Total cancellation cases approved (proxy for firm exits): 4,530 (FY 23/4: 5,140)
The number of cancellations approved over the financial year indicates firm exits. Cancellations can’t be split by sector as firms often operate in multiple sectors and may cancel all permissions at the same time.
Table: New Firm Authorisations (proxy for new entrants)
Sector | Year | |
|---|---|---|
| 2023/24 | 2024/25 | |
| Credit and Lending | 603 | 598 |
| Payment Services / E-Money | 39 | 19 |
| Banking | 3 | 5 |
| Insurance | 148 | 87 |
| Consumer Investments | 74 | 59 |
| Crypto (5MLD) | 6 | 4 |
| 3/4MLD | 150 | 213 |
| Wholesale | 149 | 124 |
| Total | 1,172 | 1,109 |
Source: FCA data
The best indicator of new firm entry is the number of New Firm Authorisations in each sector. This figure excludes appointed representatives (ARs), as we receive notifications from them instead of authorisation applications. The new firm entry figure includes existing firms that set up a new subsidiary before transferring their operations and any firms authorised because of the FCA’s perimeter expanding.