OE-M02: Total number of withdrawals, refusals and rejections for new firm authorisations, and reasons for refusal, broken down by sector
2025/26 values
Table: New Firms – Withdrawals/Refusals
| Sector | Withdrawals | Refusals | Rejections |
|---|---|---|---|
| Credit and Lending | 199 | 5 | 83 |
| Payment Services / E-Money | 60 | 0 | 59 |
| Banking | 1 | 0 | 0 |
| Insurance | 8 | 0 | 1 |
| Consumer Investments | 19 | 0 | 8 |
| Crypto (5MLD) | 6 | 1 | 2 |
| 3/4MLD | 60 | 0 | 29 |
| Wholesale | 36 | 0 | 3 |
| Total | 389 | 6 | 185 |
We reject applications that don’t include the minimum information we ask for.
In 2025/26, we refused authorisation or registration for 6 firms. Two refusals were due to firms not responding to our requests for information. The remaining 4 refusals were because applicants did not address our concerns:
- In 2 cases, the competence, capacity, or fitness of senior managers did not meet our standards.
- In 1 case the firm could not be effectively supervised.
- In 1 case, the application fell below our standards in several areas.
2024/25 values
Table: New Firms – Withdrawals/Refusals
| Sector | Withdrawals | Refusals | Rejections |
|---|---|---|---|
| Credit and Lending | 268 | 7 | 76 |
| Payment Services/E-Money | 108 | 0 | 39 |
| Banking | 6 | 0 | 0 |
| Insurance | 9 | 0 | 0 |
| Consumer Investments | 19 | 1 | 15 |
| Crypto (5MLD) | 18 | 4 | 9 |
| 3/4MLD | 51 | 0 | 12 |
| Wholesale | 27 | 0 | 6 |
| Total | 506 | 12 | 157 |
Source: FCA data
Five of the refusals were due to firms not responding to our correspondence about their applications. The remaining 7 refusals were because applicants were unable to address our concerns:
- In 2 cases the appropriateness of the product or service did not meet our standards.
- In 2 cases the competence, capacity, or fitness of Senior Managers did not meet our standards.
- In 2 cases there were concerns about the fitness and propriety of the firm itself.
- In 1 case the systems and controls intended to operate the business did not meet our standards
2023/24 values
Table: New Firms – Withdrawals/Refusals
| Sector | Withdrawals | Refusals | Rejections |
|---|---|---|---|
| Credit and Lending | 400 | 18 | 322 |
| Payment Services/E-Money | 172 | 0 | 10 |
| Banking | 2 | 0 | 0 |
| Insurance | 26 | 1 | 0 |
| Consumer Investments | 52 | 0 | 22 |
| Crypto (5MLD) | 30 | 0 | 6 |
| 3/4MLD | 71 | 0 | 13 |
| Wholesale | 56 | 0 | 5 |
| Total | 809 | 19 | 378 |
Source: FCA data
13 of the refusals were because firms stopped responding to us about their application. The remaining 6 refusals were because applicants were unable to address our concerns about:
- in 2 cases their ability to meet the Effective supervision threshold condition
- in 2 cases, the competence, capacity, or fitness of their Senior Managers
- the systems and controls they planned to use to operate their business
- their ability to deliver the consumer support outcome of the Consumer Duty
Most refusals are published on our website.
Find out more about why applications for authorisation may be withdrawn, refused or rejected.