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 are focused on strengthening principal firm oversight of ARs and our commitment to being a smarter data-led regulator[1] shapes the work we do to deepen trust, rebalance risk, support growth and improve lives.
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 activities, and expected revenue from regulated and non-regulated activities.
- REP025 data is submitted annually by principals 60 business days after their accounting reference date (ARD) 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. By analysing trends in the size of the regime, firm activity and revenue, we identify where sectors are growing or changing and where risks may be emerging.
This also helps is to understand how the regime is evolving over time, including areas of growth and changing patterns of activity, alongside informing our decisions and judgements and enabling us to prioritise our supervision to tackle harm to consumers and sectors.
We also use data on the number of ARs a principal firm has when calculating fees. 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, alongside a more detailed view of the sectors in which ARs operate.
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Data table
The AR population has grown significantly from its inception in 1986 to around 33,000 active ARs in 2026.
At the end of March 2026, there were 2,431 principals and 33,347 ARs, comprising 20,728 Full ARs and 12,619 Introducer ARs (IARs). IARs are ARs that are only permitted to introduce customers to their principal and to distribute non-real-time financial promotions. This represents a reduction of 137 principals (5.3%) and 224 ARs (0.7%) compared with March 2025.
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Data table
Since 2011, the population of ARs operating in general insurance and protection has been gradually decreasing, while the number of ARs operating in consumer finance has been growing.
The sector with the biggest increase from 2025 to 2026 was consumer finance, which added 114 ARs (a 2.5% increase). By contrast, general insurance and protection saw the largest decrease, losing 346 ARs over the year (down 4.8%).
Historical data and commentary on the AR regime, current to 2023, is available within our data publication[3], which dates back to 1986.
Appointed representatives' financial services activity
REP025 data helps us understand how ARs are generating:
- revenue from regulated activities
- revenue from non‑regulated financial services activities
- revenue from non‑financial activities
- complaints made by customers
This allows us to assess the scale of firms operating under the AR regime, identify which sectors are growing or shrinking, and spot where risks may be emerging.
Latest revenue data
In 2025 (covering 1 Jan to 31 Dec), ARs generated around £13.1bn in regulated financial services revenue. This was £0.9bn higher than in 2024 (up 7.3%).
Revenue rose even as the numbers of ARs fell (see Figure 1). This suggests a greater concentration of regulated activity among a smaller number of AR-principal relationships.
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Data table
The largest contributors to regulated revenue in 2025 remained general insurance and protection (£4.0bn), consumer finance (£3.3bn), consumer investments (£2.8bn), and investment management (£1.9bn).
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Data table
ARs also generated around £24.5bn in non‐regulated financial services revenue in 2025. Of this, £8bn came from wholesale financial markets ARs, £9.3bn from general insurance and protection, and £3.7bn from consumer finance.
