Information on firms selling contract for difference products - December 2025

As at 1 December 2025, there are 2,547 firms authorised to act as principal and/or agent, with permissions for investment types ‘Contracts for difference’ and/or ‘Rolling spot Forex’ and/or ‘SpreadBet’, to clients.

As at 1 December 2025, there are 74 firms with permissions for CFD products and permissions for retail clients, out of 105 total firms in the CFD portfolio.

Since the introduction of the UK Investment Firm Prudential Regime on 1 January 2022, ‘matched principal’ is not a distinct prudential category, although matched principal limitations still exist.

As at 1 December 2025, there are:

• 936 firms authorised for CFD products with ‘provider’ (dealing as principal) permissions;
• 2,560 firms authorised for CFD products with dealing as agent and principal permissions;
• 152 firms with matched principal limitations and with permissions to provide CFD products.

(a)    Can you please reveal the specific number of CFDs firms that FCA found in its review that have not properly implemented the Consumer Duty?

We do not hold this information. The duty is not prescriptive in nature and is outcomes focused, thus “properly implemented” is subjective.  The survey was multi-faceted, and covered a number of areas of delivering fair value.  More information on the overall findings can be found on our website here.

(b)    Did any of them rectify the measure after the FCA's review?

We do not hold this information, as this was a recent survey with the FCA’s observations only released to firms when we published our findings on 13 November 2025.  The next steps for firms can be found in point 4 of our published findings.

(c)    Can you name those firms?

We are unable to provide the names of the firms as this information constitutes 'confidential information' for the purposes of section 348 of the Financial Services and Markets Act 2000 (FSMA), and which the FCA has received in the discharge of its public functions.  Therefore, for the reasons set out in Annex B below, we are exempted from the duty to disclose the information under section 44 of FOIA.