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Analysis of Financial Network Performance For the First Quarter of 2011

Welcome to the UK’s financial network performance figures for the first three months of 2011. As always, the figures are taken from the FSA register and were correct according to the register on the 6th and 7th April when the table was compiled, but since the register is amended retrospectively on numerous occasions the figures tend to have some movement in them but are still useful to illustrate trends.

The big winners in this quarter are Lighthouse with 34 new AR’s added to their total many of them from the acquisition of Falcon Group PLC, which also brings them into the table for the first time.  Mint have also done well with 31 AR’s added to their total although this is a bit mysterious as checking through these on the register it seems most of them are either new to the industry or have been unregistered for some time so there is possibly some administrative reason for this high number?

Most of the networks appear to be weathering the storm of recession quite well with any losses pretty much proportional to the networks size, although Openwork have the largest net loss within the big three allowing PTFS to slip into second place behind Sesame.  Having said that PTFS appear to be having a problem with the retention of AR’s with 52 leaving which is considerably more than the 42 they have recruited in the same period. Possibly the most significant loss of AR’s however was actually by Newleaf Distribution who have lost 44 AR’s in this quarter and have not recruited any, leaving them with only 22 AR firms on the register.  The AR’s seem to have left in 2 blocks on the 1st and 17th of March and it’s early days yet but none of them appear to be re-registered with another network yet so possibly what appears to be a drastic situation is the result of an internal issue.

Bridge Home Finance have become de-authorised on the 20th January and again most of their AR firms do not appear to have been re-registered with another network yet.  BDS have also applied to become de-authorised, presumably with their AR’s becoming absorbed by Pink.

Taking an overview of the 20 networks in the table you would have to say that the network community while in a state of flux isn’t doing too badly with a net gain of 18 AR’s being marginal, but presentable in an economic climate where many sections of commerce are being hit hard.  This tallies pretty much with our own figures at Which Network Ltd, which indicate that as well as a small number of brokers beginning to re-enter the sector, some of those who are already working are being driven to look more critically at their existing arrangements in order to increase profitability.

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