FCA-01
Permission to deal as agent
Dealing in investments as agent
When executing investment transactions on behalf of clients, distinguish the actual responsibilities for execution, arranging and investment advice.
UK REGULATORY PERMISSIONS / DIRECTORY
Complete directory of UK financial authorisations
From FCA authorisation and PRA dual regulation to specific registrations, identify application, personnel, capital, process, change and ongoing maintenance requirements according to the actual scope of business.
Find 83 categories · Main categories
FCA-02
Proprietary trading permissions
Dealing in investments as principal
Assume securities or derivatives trading risk in the firm's own name and with its own capital, including market-making and certain CFD dealer models.
FCA-03
Arranging deals in investments
Arranging deals in investments
When matching buyers and sellers or arranging investment transactions, distinguish arrangements that bring about transactions from other preparatory arrangements.
FCA-04
Investment advice permissions
Advising on investments
Providing personalised recommendations on specific investment transactions; general educational content does not automatically constitute regulated investment advice.
FCA-05
Investment management permissions
Managing investments
Manage client investment portfolios on a discretionary basis under a mandate, assessing fund manager status and custody permissions separately.
FCA-06
Asset custody and safekeeping
Safeguarding and administering investments
Safeguarding and administering customers’ investment assets, with a focus on CASS, records, reconciliations, asset segregation and third-party custody risks.
FCA-07
Contracts for difference CFD business
Contracts for Difference
CFD is not a standalone general-purpose licence; apply for the relevant permissions according to the brokerage or own-account dealing model and comply with retail leverage, client classification and promotion rules.
FCA-08
Foreign exchange derivatives business
Rolling spot FX / FX derivatives
Investment permissions for rolling spot foreign exchange, options and other derivatives are determined by product and role; physically delivered spot foreign exchange must not be confused with derivatives.
FCA-09
Multilateral trading facilities MTF
Multilateral Trading Facility
Operating a multilateral trading facility requires trading rules, transparency, market surveillance and access standards to be incorporated into licensing and governance design.
FCA-10
Organised trading facility OTF
Organised Trading Facility
Operating a trading facility that meets the definition of OTF requires its product scope and execution discretion to be distinguished from MTF, and restrictions on proprietary trading to be checked.
FCA-11
Investment platforms and SIPP
Investment platforms / SIPP operators
Investment platforms may require arranging, custody and other permissions. Establishing or operating SIPP involves separate pension activities, not a universal platform licence.
FCA-12
Full-scope UK AIFM
Full-scope UK AIFM
Full-scope management of alternative investment funds, covering governance, risk and portfolio management, depositary arrangements, disclosures and regulatory reporting.
FCA-13
Small authorised AIFM
Small Authorised UK AIFM
The AIFM route remains authorised below the applicable AUM threshold; its availability depends on the fund, leverage and redemption conditions, and ancillary activities.
FCA-14
Small registered AIFM
Small Registered UK AIFM
Registration applies only to small AIFM meeting the statutory eligibility conditions and cannot replace authorisation required for other regulated activities.
FCA-15
UCITS Fund Management
UCITS Management Company
UCITS management requires checks of COLL, management company prudential rules, fund product authorisation, depositary arrangements and retail disclosures.
FCA-16
Collective investment schemes CIS
Collective Investment Schemes
Permission to establish, operate and wind up collective investment schemes must be addressed separately from authorisation of the funds themselves; the definition of CIS must not be treated as a general licence.
FCA-17
Pension administration permissions
Pension scheme operations
Involves distinct permissions for establishing and operating personal or stakeholder pensions, pension transfer advice and other activities, with the perimeter of The Pensions Regulator also requiring assessment.
FCA-18
Consumer lending
Consumer lending
Lend under consumer credit agreements, distinguishing full/limited permission, exemptions for regulated agreements and affordability assessments.
FCA-19
Credit broking
Credit broking
Introducing borrowers to lenders or providing credit broking; whether this is the main or an ancillary business, and whether commission is received, affect the full or limited route.
FCA-20
Debt counselling and debt adjusting
Debt counselling / Debt adjusting
Providing debt advice, negotiating repayments and related arrangements requires activity-by-activity permission matching, with separate controls for charges, customer vulnerability and customer money.
FCA-21
Debt collection and management
Debt collecting / Debt administration
Collection of consumer credit debts and administration of agreements on behalf of others, with attention to CONC, collection conduct, records and protection of vulnerable customers.
FCA-22
Mortgage intermediation
Mortgage advice / arranging
Providing regulated mortgage advice or arranging contracts requires distinguishing RAO from consumer buy-to-let registration according to residential use, security structure and borrower.
FCA-23
Mortgage lending and administration
Mortgage lending / administration
Entering into regulated mortgage contracts as lender or administering them on an ongoing basis involves MCOB, prudential capital, debt and fair treatment of customers.
FCA-24
Insurance distribution and intermediation
Insurance distribution
Arranging, advising on or handling the performance of insurance contracts, with conditions determined by client money, professional indemnity insurance and ancillary business arrangements.
FCA-25
Funeral Plan Providers and Intermediaries
Funeral plan providers / intermediaries
Providing prepaid funeral plans requires different permissions from intermediation. Trust or insurance protection for funds, contracts, withdrawal and ongoing solvency arrangements must be verified specifically.
FCA-26
Authorised payment institution API
Authorised Payment Institution API
Apply for payment services authorisation under PSRs, combining the eight statutory services according to the flow of funds, rather than describing API as a banking or electronic money licence.
FCA-27
Small payment institution SPI
Small Payment Institution SPI
A registration route for those meeting the small payment services thresholds; transaction volumes, service scope and client money requirements must be reviewed on an ongoing basis.
FCA-28
Authorised electronic money institution AEMI
Authorised Electronic Money Institution AEMI
Issuing electronic money and providing applicable payment services require separate compliance with initial capital and safeguarding obligations. Electronic money balances are not bank deposits.
FCA-29
Small electronic money institution SEMI
Small Electronic Money Institution SEMI
A registration route for those meeting the outstanding electronic money and payment transaction volume thresholds, with thresholds and initial capital triggers checked separately.
FCA-30
Account information services RAISP
Registered Account Information Service Provider RAISP
Providers offering only account information services use the corresponding registration route. This does not permit payment initiation, money remittance or electronic money issuance.
FCA-31
Claims management companies CMC
Claims Management Company CMC
Regulated claims management permissions are distinguished by service role and claim type. Advertising and customer acquisition, fees, complaints and client money must not be overlooked.
FCA-32
Cryptoasset Business MLR Registration
Cryptoasset MLR Registration
Current AML registration differs from future FSMA cryptoasset authorisation; trading and custody business, promotion restrictions and future transitional arrangements must be checked separately.
PRA-01
UK Domestic Banks
UK Bank
Deposit-taking is subject to dual regulation by PRA and FCA. Capital, liquidity, recovery and resolution, governance and actual operational capability jointly determine eligibility for entry.
PRA-02
UK branches of overseas banks
Overseas Bank Branch
Overseas bank branches require assessment of home-state supervisory equivalence, supervisory cooperation, UK business risks and whether a local subsidiary is needed.
PRA-03
Building society
Building Society
Mutual deposit-taking and residential finance institutions are subject to specific legislation and PRA/FCA supervision; they are not ordinary property companies.
PRA-04
Credit unions
Credit Union
The common bond and geographical scope of membership, together with capital and liquidity rules, reflect the cooperative nature of the institution; its regulatory route differs from that of commercial banks.
PRA-05
Life insurer
Life Insurer
For long-term insurance, underwriting permissions are determined by class of business; Solvency UK, technical provisions, governance and customer protection requirements apply concurrently.
PRA-06
General insurance companies
General Insurer
General insurance underwriting across 18 classes is authorised by class of insurance, with SCR/MCR, reinsurance, claims handling and operational resilience calibrated to risk.
PRA-07
Reinsurance companies
Reinsurance Undertaking
Assuming insurers’ reinsurance risks requires a distinction between pure reinsurers and firms also conducting direct underwriting, with specific calculations of solvency capital and contract portfolios.
PRA-08
UK branches of overseas insurance companies
Overseas Insurer Branch
Third-country insurance branches are assessed on their UK branch assets and liabilities, available capital and home-state supervision; an overseas licence does not confer automatic authorisation.
PRA-09
Lloyd’s managing agents
Lloyd's Managing Agent
A Lloyd's managing agent involves both PRA/FCA and Lloyd's market arrangements; it is not a standalone insurance licence that any individual can acquire.
PRA-10
Insurance special purpose vehicles ISPV
Insurance Special Purpose Vehicle ISPV
Assume insurance risk through a fully funded structure; funding, risk transfer, investment and segregation must comply with the dedicated ISPV regime.
PRA-11
Multi-arrangement insurance vehicles MISPV
Multi-arrangement ISPV
Where one vehicle has multiple risk transfer arrangements, it must demonstrate segregation, full funding and that new arrangements fall within the scope of its authorisation.
PRA-12
Friendly societies
Friendly Society
For an insurance entity with the legal form of a friendly society, its size, business and statutory exemptions determine the specific prudential regulatory route.
PRA-13
Mutual insurers
Mutual Insurer
An organisational model based on members' shared interests. Mutual status does not automatically exempt it from insurance underwriting permissions or capital requirements.
PRA-14
PRA-designated large investment firms
PRA-designated Investment Firm
A regulatory classification for systemically important investment firms designated by PRA, not a licence that an ordinary investment applicant can choose for itself.
PRA-15
Captive insurer
Captive Insurer
An underwriting model arranged for group risks; new captive regulatory reforms must be distinguished between consultation and commencement. Proposed capital thresholds must not be treated as current rules.
PRA-16
Insurance risk transfer structures
Insurance Risk Transfer / ILS
Risk transfer is a collective term for structural and business arrangements. Choosing ISPV, MISPV or another legally permitted structure does not constitute a single standalone licence.
OTHER-01
Recognised Investment Exchange RIE
Recognised Investment Exchange RIE
Recognised exchanges must satisfy statutory recognition requirements, distinct from MTF/OTF permission and overseas ROIE procedures.
OTHER-02
Credit rating agencies CRA
Credit Rating Agency CRA
UK credit rating agency registration, third-country certification and rating endorsement apply separately. Rating methodologies, conflicts of interest and reporting are supervised by FCA.
OTHER-03
Benchmark administrators
Benchmark Administrator
The authorisation or registration route for benchmark provision, or the overseas recognition or endorsement route, is determined according to the nature of the benchmark and the current UK BMR.
OTHER-04
Trade repository TR
Trade Repository / UK EMIR
Trade repository registration is for derivatives reporting; it is not permission to operate a securities trading facility or hold clients’ securities.
OTHER-05
SFTR Trade Repository
SFTR Trade Repository
Confirm securities financing transaction repository registration separately from UK EMIR registration; data validation, interfaces and regulatory access must be operational.
OTHER-06
Approved reporting mechanism ARM
Approved Reporting Mechanism ARM
A transaction reporting mechanism within DRSP, authorised under the applicable MiFIR/MAR9 and UK DRSP regimes, not a general-purpose financial licence.
OTHER-07
Approved publication arrangement APA
Approved Publication Arrangement APA
A trade transparency publication arrangement within DRSP; data integrity, publication timing and commercial access rules are key admission considerations.
OTHER-08
Consolidated tape provider CTP
Consolidated Tape Provider CTP
CTP involves asset-class selection and a dedicated regime; the implementation stages of the bond/equity reforms differ from those for general ARM/APA.
OTHER-09
Appointed representatives AR and IAR
Appointed Representative AR / IAR
An arrangement lawfully relying on a principal to assume regulatory responsibility does not mean that the firm itself is authorised by FCA; permitted activities and supervision must align.
OTHER-10
Credit information services
Credit information services / credit references
Permissions for providing or administering credit information-related services are determined under CONC and RAO and must not be confused with CRA credit rating registration.
OTHER-11
Investment-based crowdfunding platforms
Investment-based Crowdfunding
Permissions for investment-based crowdfunding must match specific roles such as arranging, investment advice and client money, with financial promotion rules also checked.
OTHER-12
P2P lending platforms
Operating an electronic system in relation to lending
Operating an electronic system in relation to lending requires the corresponding permission and arrangements for lender protection, client money, wind-down planning and ongoing loan administration.
OTHER-13
Consumer Buy-to-let registration
Consumer Buy-to-let Registration
Consumer buy-to-let mortgages are subject to a separate registration regime; commercial business lending must not be confused with regulated residential mortgages.
OTHER-14
HMRC Money Service Business Registration
HMRC Money Service Business registration
Applies to the MSB anti-money laundering supervision route for activities such as cash exchange or money remittance; it does not replace any required FCA payment services authorisation or registration.
OTHER-15
HMRC Trust and Company Services Registration
Trust or Company Service Provider TCSP
When providing company formation, registered office, director or trustee services by way of business, check AML supervision and fit and proper requirements.
OTHER-16
BoE clearing and settlement infrastructure
CCP / CSD / Payment system FMI
Central counterparties, central securities depositories and designated payment systems fall within different BoE or other statutory regulatory perimeters, not ordinary FCA licence applications.
AP-01
PRA Variation of Permission VoP
Variation of Permission
An existing dual-regulated firm adding, varying or reducing regulated activities and restrictions should assess the PRA variation of permission and FCA consent procedures. Removing mobilisation restrictions from a restricted bank is also a VoP matter.
AP-02
PRA change in control approval
Change in Control Approval
A proposed acquisition or increase of control over a dual-regulated firm requires prior notification and approval under section 178 of FSMA; indirect control, parent undertakings and significant influence must also be analysed.
AP-03
PRA senior manager approval
Senior Managers Regime Approval
Appointing a person to a regulated senior management function SMF requires prior approval under the applicable regime and clear responsibilities and fitness and propriety. Registering a company director is a separate procedure.
AP-04
Financial Holding Company Approval
Financial Holding Company Approval
Certain financial holding parent companies may require group prudential approval or must meet the applicable exemption conditions; holding company approval does not authorise them to accept deposits directly.
AP-05
Mixed financial holding company approval
Mixed Financial Holding Company Approval
For cross-sector groups involving banking, insurance and other businesses, approval obligations for particular mixed financial holding parent companies must be assessed against their actual legal status and consolidated supervision rules.
AP-06
PRA Waiver or Modification of Prudential Rules
Waiver / Modification
An application for a waiver or modification of individual PRA rules must demonstrate that the statutory and rule-based conditions are met; it cannot waive the entire regulatory regime or permit unauthorised regulated activities.
AP-07
PRA Special Permission under Prudential Rules
Rule Permission
Rule permissions under section 138BA of FSMA allow rules to be disapplied (waived) or modified subject to specific PRA rules and policy conditions; these must be distinguished from traditional waivers under section 138A and the VoP procedure.
AP-08
Special approvals relating to capital and liquidity
CRR / Prudential Capital Permission
For special permissions relating to capital, liquidity, internal approaches or other prudential arrangements, check the UK CRR and current rules migrated into the PRA Rulebook.
AP-09
PRA Specific Prudential Approvals for Insurance Business
Insurance Rule Permission
Approval of insurance capital methodologies, technical provisions and other specific arrangements under the rules must be assessed under the applicable Solvency UK and PRA rules. Specific approvals cannot replace permission to underwrite the relevant classes of insurance.
AP-10
PRA structural reform approvals and group arrangements
Structural Reform Approvals / Group Arrangements
Specialist PRA structural reform matters include approval of a skilled person for a ring-fencing transfer scheme and permission for a ring-fenced body to access interbank payment systems indirectly under exceptional conditions. Other group restructurings follow the procedures actually triggered.
BANK-01
UK Domestic Banking Business Models
UK Domestic Bank
A UK-incorporated entity conducts permitted deposit-taking, lending, account and related banking services, with specific permissions, customers and restrictions subject to its PRA/FCA authorisation.
BANK-02
Commercial banking business model
Commercial Bank
Primarily engaged in corporate deposits, corporate lending and trade finance; investment, payment, financial promotion and anti-money laundering responsibilities must be assessed separately according to the products.
BANK-03
Retail banking business model
Retail Bank
Personal deposit, account, consumer lending and residential mortgage models require separate consideration of customer vulnerability, Consumer Duty, deposit protection and relevant credit activities.
BANK-04
Digital banks and new banking models
Digital / Challenger Bank
Operating banking services through online or mobile systems still requires the applicable deposit-taking authorisation. Digital models require particular attention to technology outsourcing, operational resilience, cybersecurity and customer account continuity; they do not enjoy an automatic lower-capital exemption.
BANK-05
Private banking business model
Private Bank
Deposit, credit and wealth services for high-net-worth clients; permission to provide investment advice, management and custody cannot be inferred merely from the bank's name. Client classification and sources of funds require specific analysis.
BANK-06
Wholesale banking business model
Wholesale Bank
Institutional deposits, corporate finance and other wholesale banking activities still require evidence of capital, liquidity, concentration risk management and governance; serving only institutions does not automatically exempt a firm from bank authorisation.
BANK-07
UK branch business of overseas banks
Overseas Bank UK Branch
UK branches of overseas banks are assessed case by case, taking account of home-state supervisory cooperation, the scale of UK business, deposits and potential FSCS liabilities. Overseas authorisation alone does not permit business to be conducted in the UK.
BANK-08
Building society model
Building Society
A mutual deposit-taking institution centred on members' savings and residential finance, with specific rules on organisation, promoters, funding sources, capital and liquidity—not an ordinary construction or property company.
BANK-09
Credit union model
Credit Union
Cooperative arrangements involving a common bond among members, member savings and loans. Registration laws and rules differ between Great Britain and Northern Ireland; ordinary commercial bank conditions cannot be applied.
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