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
Check our criteria for extra support
You might be eligible for our pre-application support service
Prepare your application
Include what's listed here and on the page for your type of firm
Submit your application
You'll do this on our Connect system, so please register first
What to read first
The application process
Our how to apply[1] page explains:
- our expectations of all firms
- the application process
- how to avoid delays with your application
You must read this page in full before submitting your application through our Connect[2] system.
The page for your type of firm
Refer to the page below that's relevant to your business model. This has additional information on what to include in your application, and the permissions you may need:
- investment managers[3]
- authorised AIFMs[4] (ie full-scope AIFMs, small authorised AIFMs)
- registered AIFMs[5] (ie small registered AIFMs, including SEF and RVECA managers)
- wholesale brokers[6]
- principal trading firms (PTFs)[7]
- multilateral trading facilities (MTFs) and organised trading facilities (OTFs)[8]
- corporate finance firms[9]
- custodians[10]
Our letters for your sector
Review and consider the contents of the supervisory correspondence[11] we've published that's relevant to your sector.
In your application, you should explain how you've addressed any areas identified in these portfolio letters that are relevant to your proposed business.
Threshold conditions
Our threshold conditions[12] are our minimum standards for authorised firms.
You'll need to explain how you'll continue to meet each threshold condition.
Please note, our threshold conditions don't apply to small registered AIFMs[5].
Perimeter guidance
You'll need to explain how the permissions and investment types in our perimeter guidance[13] match up with your business model, and how you intend to hold and/or safeguard any client money or assets.
Prudential standards
Find out about the:
- Investment Firms Prudential Regime (IFPR)[14]
- Alternative Investment Fund Managers Directive (AIFMD)[15]
- Interim Prudential sourcebook for Investment Businesses (IPRU-INV)[16]
You'll need to explain why you believe you fall into the prudential category you've identified.
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[19].
Investment firm Register (IFR)
The Investment firms register on the other registers section of the Financial Services Register is a public register of investment firms authorised by the FCA that provide or perform MiFID investment services or activities and are potentially subject to trade reporting obligations under Articles 20 and 21 of the UK Markets in Financial Instruments Regulation (UK MiFIR). It does not include firms that do not have trade reporting obligations under UK MIFIR, such as, firms who are exempt from authorisation under MiFID or firms that would have been authorised under other directives including UCITS or AIFMD for whom the UK MIFIR trade reporting obligations do not apply. Firms authorised as credit institutions under CRD and therefore potentially subject to trade reporting under UK MIFIR are also not included on the register.
Pre-application support
If you are firm looking to operate in UK wholesale markets you can receive support through the pre-application support service (PASS)[20], which offers pre-application meetings and FCA speakers at industry events.
Prepare your application
You must submit your application through Connect[2].
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[21]
- 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
- information on 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
Prior to authorisation, we require evidence that you have injected equity into the applicant firm in line with the relevant capital requirements, for example funds in a bank account in the firms name, an SH01 filed at companies house and/or relevant capital clauses contained in the Limited Liability Partnership agreement.
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[25] 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.
