Find out what permissions you'll need to apply to us for authorisation, how much you'll need to pay and what we expect to see in your application.

Custodians are responsible for the holding and safeguarding of assets belonging to clients.

A custodian's fiduciary obligation is to the client, which means the custodian must establish a robust network of systems and controls to prevent the loss or diminution of client assets.

Often, custodians perform a number of ancillary services such as settlement, investment services, treasury services, depositary and fund services. This page focuses on the custodian’s core safeguarding responsibilities.

Before applying to us for authorisation you need to read this page, our page for all wholesale markets firm applicants and our how to apply page for all firms.

Permissions you'll need

Typically, you'll need this permission and requirement as a minimum:

  • permission: safeguarding and administration of assets
  • requirement: hold and control client money

Permission sometimes required:

  • arranging safeguarding and administration of assets

For full details, refer to our table of permissions you might need and the terms being used.​

Application fee

Your fee falls into Category 6, which will be £10,000.

Find out more about your application fee, including how to pay.

Prudential requirements

Refer to MIFIDPRU (our prudential sourcebook for MiFID investment firms) to determine the Own Funds Requirement and K-factors required for your business model.

The conditions of MIFIDPRU 1.2.1 R can't be satisfied because the Assets Safeguarded and Administered (ASA) by the firm as custodian shouldn't be zero.

This means that your firm will likely be classed as Non-Small and Non-Interconnected (Non-SNI) with a Permanent Minimum Requirement (PMR) of at least £150,000.

What to include

Before submitting your application through our Connect system, make sure you've prepared: