Information on FCA authorisation as a branch - June 2025

We received 327 applications from firms that if their application had been successful would have been solo regulated.

There were 316 solo regulated firms in the TPR that applied and had they been successful would have been solo regulated.

There were 11 dual-regulated firms in the TPR that had they been successful would have become solo regulated.

For the remaining questions, we have interpreted them as referring to the 316 solo regulated firms in the TPR that applied and, had they been successful, would have been solo regulated.

* Firms in the TPR were either authorised under Part 4a FSMA or registered under the Payment Services Regulations (2017) or Electronic Money Regulations (2011) to continue undertaking business in the UK.

In 2023, in the FOIA response FOI10040, we confirmed that some firms had withdrawn their applications following a recommendation from the FCA. To clarify the 2023 response, ‘FCA recommended’ withdrawals refer to cases where firms chose to withdraw after receiving feedback from the FCA. ‘Voluntary’ withdrawals refer to cases where firms informed us that they no longer required permissions.

The FCA’s position is that it does not recommend firms to withdraw their applications. However, firms may, and often do, choose to withdraw their applications and re-apply once any identified issues are addressed.

Of the 98 cases withdrawn cases, 21 firms were classified as ‘voluntary’ meaning the firms informed us they no longer required regulatory permissions. The remaining 77 firms were captured as ‘FCA recommended’ meaning the firms chose to withdraw after receiving feedback from the FCA.

All firms that intended to apply had submitted their applications by the end of 2022.

a)Firm type (e.g. asset manager, wealth manager, broker, etc.)

b)Firm's home state

c)Type of passport:

• Branch
• Services

d)Type of application: branch/subsidiary

Please see below Annex A which sets out the applications received from the firms in the TPR.

Please note:

• For question 1, you can filter the information by outcome for the applicant firm (column D)
• For question 2, you can filter the information by outcome for the applicant firm (column D)
• For question 3, as explained above, this data is not available. 

As of 29 May 2025, the 6 firms that exited the temporary permissions regime for EEA firms by obtaining the authorisation of a UK branch, have since cancelled their authorisation (please see table below).

It is not centrally recorded by the FCA whether these cancellations were due to firms establishing and gaining authorisation of a new UK entity/subsidiary, or whether they were the result of the firms ceasing regulated activities in the UK altogether.