Securities and futures firms: authorisation

Find out which permissions to apply for in order to become authorised.

Application fee

Category 4

Securities and futures adviser/arranger

Securities and futures firms that are are advisers/arrangers can recommend particular investment(s) to an investor.

They can carry out deals on behalf of their customers – which means they require the ‘arranging deals in investments’ permission – but the decision to invest must be made by the customer.

Typical permissions required

  • advising on investments
  • arranging deals in investments
  • agreeing to carry on regulated activities
  • making arrangements with a view to transactions in investments

Permissions sometimes required

  • dealing in investments as agent

Financial resource requirement 

If a firm is a MiFID investment firm, it will be subject to the prudential requirements in MIFIDPRU (prudential sourcebook for investment firms). 

For a non-MiFID arranger also giving advice (e.g. an Art 3 MiFID exempt firm subject to IPRU-INV 3), the financial resource requirement is that they maintain financial resources in excess of the financial resources requirement as calculated in IPRU (INV) 3.61 and 3.70.

Detailed information

To calculate the minimum financial resource requirement for a non-MiFID arranger also giving advice, see IPRU(INV) 3.61 and IPRU(INV) 3.70

For MiFID investment firms, see MIFIDPRU

For more information on fees please see FEES 3 Annex 1A or pricing categories for application fees.

Page updates

04/01/2022: Information changed Updated to reflect the IFPR coming into force on 1 January 2022
15/12/2021: Information added IFPR update
14/09/2020: Link changed Link to Connect updated