Brokers, dealers, arrangers, advisers and investment managers serving UK clients obtain Part 4A permission, with the capital and the conduct rules set by the permissions they hold.
Selected engagements from more than 250 licences obtained since 2013, for payment, e-money, cryptoasset and consumer credit firms.
Volkswagen
Electronic Money InstitutionObtained Own Solutions’ Central Bank of Ireland Electronic Money Institution licence.
Variation of PermissionObtained Moneliq’s FCA PSD2 variation of permission.
Payment InstitutionObtained Oval’s FCA Authorised Payment Institution licence with open banking permissions.
Our realistic timeline from submission, set against the regulator’s own published figures.
Client money and liquidity provider accounts arranged alongside the application, so you trade on authorisation.
Candidates introduced for the senior managers and certified staff, each assessed against the regulator’s standard.
A reply within three business hours and a written proposal the same day: the licence, the requirements, the cost and the timing.
You will need senior managers approved by the FCA, each with a written statement of their responsibilities, and other key staff the firm certifies itself.
One engagement and one timetable, from scoping to launch. Speak to an expert about the people, the banking and the technology for this licence.
The regulator’s requirements, capital, timing, fees and the questions firms ask, from the regulator’s own publications.
Any firm carrying on a regulated investment activity in the UK by way of business: forex and CFD brokers, securities brokers, liquidity providers dealing on own account, corporate finance arrangers, investment advisers, discretionary managers and operators of multilateral or organised trading facilities. The permissions applied for determine the capital, the fee and the conduct rules.
| Permissions | Permanent minimum requirement |
|---|---|
| Reception and transmission, execution, portfolio management, investment advice, placing without firm commitment | £75,000 |
| Operating an MTF, operating a limited OTF, holding client money or assets | £150,000 |
| Dealing on own account, underwriting or placing with firm commitment, operating an OTF without limitation | £750,000 |
| Acting as depositary | £4,000,000 |
A smaller, non-interconnected firm holds the higher of the permanent minimum and the fixed overheads requirement. A firm exceeds SNI status where, among other thresholds, it manages more than £1.2 billion, handles more than £100 million a day of client orders in cash, holds client money or assets, deals on own account, or has a balance sheet above £100 million or revenue above £30 million; it then adds the K-factor requirement.
| Figure | Value | Source |
|---|---|---|
| Statutory decision period | 6 months from a complete application; 12 months from an incomplete one | FSMA 2000, section 55V |
| Application preparation | 6 to 10 weeks | From instruction to submission, including banking in parallel |
| Our realistic timeline | 6 to 8 months after submission | The firm’s own figure, from the regulator’s published data and its own applications |
Figures published by the regulator are quoted as published and converted to months. The realistic timeline is the firm’s own, for a complete, well-prepared application.
| Item | Amount |
|---|---|
| Application fee: advising and arranging, corporate finance | £2,820 |
| Application fee: investment managers and principal trading firms | £11,260 |
| Application fee: MTF and OTF operators | £56,300 |
| Permanent minimum capital | £75,000 to £750,000 by permission |
| Professional fees | Fixed, in writing |
Client money accounts with the acknowledgement letters the rules require, operating and settlement accounts, and prime broker or liquidity relationships for dealing firms, arranged through the firm’s relationships. See banking and payment processing.
Six months from a complete application by statute and twelve months from an incomplete one. The firm plans for six to eight months after submission.
A broker dealing as agent holds a permanent minimum of £75,000, or £150,000 if it holds client money; a broker dealing on own account holds £750,000, plus the fixed overheads and K-factor requirements where they are higher.
A smaller, non-interconnected investment firm below the IFPR thresholds, which holds the higher of its permanent minimum and its fixed overheads requirement and files a simpler set of returns.
Yes. The senior managers and certification regime applies to investment firms; the senior manager applications are submitted with the authorisation.
No. UK authorisation is required to serve UK clients from the UK.
A regulatory advisory firm to payment, e-money and cryptoasset companies since 2013, with more than 250 licences obtained in more than 60 countries. The firm advises on authorisation, compliance, safeguarding, banking and transactions, and builds the white-label payment and card technology its clients launch on.
A written proposal on cost, timing and requirements, the same day: speak to an expert.
This guide is general information for firms considering authorisation and is reviewed against the regulator’s published requirements. It is not legal advice; requirements and fees change, and the regulator’s current publications take precedence.
The requirements, the cost and the timing for your business, in a written proposal the same day.