The number of entities overseen by the UK’s Financial Conduct Authority hit a four-year high last month, driven in part by the advent of new rules for alternative fund managers in Europe.

The total number of firms authorised by the UK financial watchdog reached 19,937 in July - the highest number since February 2010, according to figures from independent advisory firm IMAS (see chart). The number includes firms in the investment, insurance, lending and support services sub-sectors.