Wholesale markets firm applicants

If you're a wholesale markets firm, you have to be authorised by us. Learn how to prepare your application and what you need to read first.


Read everything listed below

Start with our main 'how to apply' page for all firms


Prepare your application

Include what's listed here and on the page for your type of firm


Check our criteria for extra support

You might be eligible for our pre-application support service


Submit your application

You'll do this on our Connect system, so please register first

What to read first

Bear in mind that our guidance doesn't cover every business model or scenario, and there may be additional factors that your firm needs to consider.

MiFID / MiFID-exempt applications

For new firm authorisations, refer to the

Or if you're applying to vary a permission, see our MiFID variation of permission notes.

Prepare your application

You must submit your application through Connect.

Make sure you include:

  • your regulatory business plan (see below)
  • a financial forecast for 3 years with monthly profit and loss statement, balance sheet, cash flow and capital analysis – follow best practice for wholesale firms by using our Financial Analysis Template in our guide on how to prepare your firm's financial information
  • all the required forms and supporting material listed on the relevant page for your type of firm
  • a UK-designated principal place of business, with explanation of how and where your activity will be carried on in the UK
  • a bank account for your firm
  • client money accounts, if you propose to hold client money or assets
  • any additional documentation we may ask for as part of our assessment of your application

Criteria for extra support

Check if your firm meets the criteria for our pre-application support service (PASS) which offers pre-application meetings and FCA speakers at industry events.

This is aimed at:

  • overseas firms seeking to do business in the UK
  • firms planning to set up business in the devolved nations or outside the South East
  • firms with innovative business models or involved in high-risk activities
  • wholesale service providers

Find out more about PASS

Final check and submit

Before you submit everything on Connect, give it one more check to be sure you've included everything.

Our how to apply page has 3 top tips to ensure your application goes smoothly, and explains what happens after you've submitted it.

If you need more help

Please contact us on 0300 500 0597. We're open Monday, Tuesday, Wednesday and Friday 9am to 5pm, and Thursday 9.45am to 5pm.

Page updates

: Information added Added detail on financial analysis template under preparing your application
: Editorial amendment Amended a typo
: Link added Custodians page