Financial services sees revival

The volume of new financial companies seeking authorisation from the Financial Services Authority rose by 10 per cent in the second quarter, heralding a return to the activity seen prior to the recession. Independent financial advisers made up the largest group of the 282 new applicants, while boutique advisories also boomed as individuals left large companies to set up new ventures. The rate of firms cancelling their FSA authorisation slowed by 18 per cent in the quarter, a study by IMAS Corporate Advisors said.