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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 and cryptoasset 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 to decision.
Client money and liquidity provider accounts opened alongside the application, so you trade on authorisation.
We assemble your team: the senior managers and certified staff.
The licence, the requirements, the cost and the timing for your business.
You will need senior managers approved by the FCA, each with a written statement of their responsibilities, and other key staff you certify yourselves.
One programme, from scoping to launch. Speak to an expert about this licence.
Requirements, capital, timing, fees and common questions, drawn 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 | Our own figure, from the regulator’s published data and our applications |
Regulator figures are quoted as published and converted to months. Our realistic timeline assumes 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 |
Client money accounts with the acknowledgement letters the rules require, operating and settlement accounts, and prime broker or liquidity relationships for dealing firms, opened alongside the application. See banking and payment processing.
Six months from a complete application by statute and twelve months from an incomplete one. We plan 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 builds licensed payment, e-money, crypto and stablecoin businesses: the licence, the team, the technology, the bank accounts and card issuing.
This guide is general information, not legal advice. Requirements and fees change, and the regulator’s own publications take precedence.
The licence, your team, banking and technology, delivered as one programme.