Consumer investments firms, including financial advisers and investment platforms, have to be authorised by us. Find out how to apply for authorisation.
Read everything listed below
Start with our main 'how to apply' page for all firms
Prepare your application
Include your business plan and supporting material
Pay the application fee
You must pay this in order to apply
Submit your application
You'll do this on our Connect system, so please register first
Types of consumer investments firm
Consumer investments firms include:
- financial advisers
- wealth management or stockbroking firms
- investment platforms
- self-invested personal pension (SIPP) operators
- crowdfunders
What to read first
The application process
Our how to apply[2] 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[3] system.
Threshold conditions
Our threshold conditions[4] are our minimum standards for authorised firms.
You'll need to explain how you'll continue to meet each threshold condition.
Perimeter guidance
You'll need to explain how the permissions and investment types in our perimeter guidance[5] match up with your business model, and how you intend to hold and/or safeguard any client money or assets.
Prudential requirements
Depending on your type of business and the permissions you wish to apply for, review the following sourcebook(s) relevant to your firm:
- MIFIDPRU[6] – for MiFID investment firms
- IPRU-INV[6] – for other types of investment business, eg Article 3 MiFID-exempt firms
- MIPRU[7] – if you're applying for mortgage, home finance and/or insurance permissions
- CONC[8] – if you're applying for consumer credit permissions
You'll need to explain why you believe you fall into the prudential category you’ve identified.
Senior management functions (SMFs)
If you're applying to be approved as an SMF16 or SMF17[9], make sure you understand our expectations.
We'll assess you based on your training, experience, capacity and third-party support. Consider how your roles and responsibilities align with the risks and controls that apply to your firm’s business model – including, but not limited to, skills gap analysis and statement of responsibilities.
Redress liabilities – the polluter pays
We have major concerns about the harm, and potential for harm, caused by firms or individuals leaving liabilities behind[11]. This includes arrangements where a firm (or anyone closely associated with it) restarts or continues the business elsewhere (or benefits from it being restarted or continued elsewhere), leaving behind unresolved liabilities.
If a firm can’t meet its liabilities and accountable individuals leave them behind, to the detriment of consumers, we seriously question their fitness and propriety to hold another role that requires our approval.
Prepare your application
You must submit your application through Connect[3].
Along with your application form, you'll need to include:
- a regulatory business plan and all the required forms
- financial forecasts – learn how to prepare your firm’s financial information[13]
- the supporting material[14] you'll rely on to meet the requirements of our Consumer Duty
Pre-application support
If you're considering applying to become a consumer investment firm, or are looking to appoint appointed representatives[18] to your firm for the first time, you can receive support through the pre-application support service (PASS). This service offers pre-application meetings and FCA speakers at industry events.
We also offer this service to firms looking to provide targeted support as part of the Advice Guidance Boundary Review[19] (AGBR).
Using compliance consultants
If a compliance consultant is helping you prepare your application, we still expect you to be familiar with, able to explain and accountable for everything in your application.
Your responses need to be specific to your business, not generic, and we expect to deal with you during the application process, not your consultant.
Application fee
You have to pay a fee to submit your application. The fee will fall into one of our pricing categories and is non-refundable.
Find out more about our authorisation fees[21], including our pricing categories and how to pay.
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 for authorisation or registration 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.
Further support with your application
- If you are an overseas firm, see our approach to international firms[22].
- The FCA Innovation Hub[23] offers innovative firms a range of market-facing tools and initiatives, including the Regulatory Sandbox, Innovation Pathways, and Digital Sandbox services.
- We have information for principal firms, firms becoming an appointed representative, or those moving from being an appointed representative to being directly authorised, on our principals and appointed representatives pages[20].
