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UK has lost 10,000 finance businesses since 2020, report shows


By Michael Griffiths

There are now almost 10,000 fewer finance businesses in the UK compared to 2020, a new report from the Payments Group has revealed.

Figures showed that the number of UK finance businesses peaked in 2020, at 88,875, and has since shrunk quickly having seen a net loss of 9,835 between 2020 and 2024, equating to an 11% decrease


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Govt could raise extra £1.1bn per year from stamp duty changes

The upcoming stamp duty changes could raise an additional £1.1bn a year for the Government, according to new estimates from Zoopla

Majority of UK adults to adjust estate planning ahead of IHT rule change

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FCA fines Mako £1.7m for cum-ex trading failings

The Financial Conduct Authority (FCA) has fined Mako Financial Markets Partnership £1.7m for failing to have effective controls that guard against financial crime

FCA charges Hampshire-based IFA with multiple fraud offences

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Third of advisers cite rising business costs as ‘biggest challenge’ for 2025

Almost a third (32%) of advisers have pointed towards the increased cost of doing business as their biggest challenge over the next one to two years, The Exeter has revealed

Stocks & shares ISA growth significantly outpaces cash ISA

The average stocks & shares ISA fund has recorded a growth of 11.9% over the last 12 months, according to new analysis from Moneyfacts

Lloyds ‘capped off’ strong year despite drops in Q4 results

Lloyds has "capped off a strong year", analysts have stated, as the firm’s net income reached £4.4bn in the final quarter, beating expectations by £100m

UK has lost 10,000 finance businesses since 2020, report shows

There are now almost 10,000 fewer finance businesses in the UK compared to 2020, a new report from the Payments Group has revealed. Figures showed that the number of UK finance businesses peaked in 2020, at 88,875, and has since shrunk quickly having seen a net loss of 9,835 between 2020 and 2024, equating to an 11% decrease

HSBC profits up as bank outlines cost-cutting drive

HSBC has announced a rise in pre-tax profit to $2.3bn in Q4 as the bank also detailed plans to cut an estimated $1.5bn from its cost base before the end of next year

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Gatehouse Bank to adopt One Mortgage System’s platform

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Consumer Duty influencing advice practice, data suggests

Consumer Duty is having a major influence on advice practice, according to data published by the lang cat

One in four IFAs looking to introduce AI in 2025, study finds

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