National Supervisory Authority & Licensing Qualification Dossier • United Kingdom & Crown Dependencies
FCA
United KingdomFinancial Conduct Authority
- Supervisory tier
- Tier-1
- License classes
- 4
- Licensed records
- 121
- Active / regulated
- 112
Statutory Supervisory Mandate & Scope
Financial Conduct Authority (UK FCA) (FCA) is the Tier-1 statutory financial markets and securities supervisory authority in United Kingdom. It grants and supervises financial services licences across broker-dealers, investment advisers, asset managers, and market operators, enforcing initial and ongoing prudential capital requirements, segregated client asset rules, market conduct standards, and public register disclosures.
Authorises and supervises over 42,000 financial services firms in the United Kingdom, enforcing the Investment Firms Prudential Regime (IFPR), Client Assets Sourcebook (CASS), Consumer Duty (PRIN 12), and UK Market Abuse Regulation (UK MAR).
Prudential Tier Assessment
Tier-1Premier global conduct and prudential supervisor for UK investment firms, asset managers, electronic money institutions, and retail/institutional brokers under FSMA 2000.
National licensing qualifications & statutory authorisation classes (FCA)
Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by FCA in United Kingdom.
| License class / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| Part 4A — IFPR £750k (Matched Principal / Dealing on Own Account) | Full-Scope MIFIDPRU Investment Firm (Market Maker / Principal Broker) | Dealing in investments as principal (CFDs, rolling spot FX, securities, derivatives), operating an MTF/OTF, or underwriting financial instruments. | GBP £750,000 Permanent Minimum Capital Requirement (PMR) plus K-Factor Requirement (K-NPR, K-CMH, K-DTF) or Fixed Overheads Requirement (FOR). | ICARA (Internal Capital and Risk Assessment) process, 100% Liquid Assets Threshold Requirement, and leverage restrictions (30:1 retail CFD cap under COBS 22.5). |
| Part 4A — IFPR £150k (Agency / Client Money Holder) | MIFIDPRU Agency Broker & Portfolio Manager (Holding Client Assets) | Dealing as agent, arranging deals in investments, discretionary portfolio management, and safeguarding/administering client money or custody assets. | GBP £150,000 Permanent Minimum Capital Requirement (PMR) or 25% of annual Fixed Overheads (whichever is higher). | Full CASS 6/7 daily reconciliation, annual external CASS audit opinion to the FCA, and quarterly MIF001–MIF007 prudential returns. |
| Part 4A — IFPR £75k (SNI Advisory / Non-CASS) | Small and Non-Interconnected (SNI) Investment Firm | Investment advice, reception and transmission of orders, and portfolio management without permission to hold client money or safeguard client assets. | GBP £75,000 Permanent Minimum Capital Requirement (PMR) or 25% of annual Fixed Overheads. | Simplified ICARA review, Consumer Duty outcome monitoring, and Senior Managers and Certification Regime (SM&CR) accountability. |
| EMI / API (PSR 2017 & EMR 2011) | Authorised Electronic Money Institution (EMI) / Payment Institution | Issuance of electronic money, multi-currency IBAN accounts, cross-border FX remittance, and payment acquiring. | EUR €350,000 initial capital for Authorised EMIs (EUR €125,000 for Authorised Payment Institutions). | 2% of average outstanding e-money own funds requirement + 100% safeguarding of relevant customer funds in a segregated bank account or HQLA. |
Investor compensation, client money segregation & digital-asset regime
Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under FCA.
Financial Services Compensation Scheme (FSCS)
- Maximum coverage per client
- GBP £85,000 per eligible person, per authorised firm (for both designated investment business and UK banking deposits)
- Eligible counterparties & scope
- Retail clients and eligible small corporate entities (excludes professional / eligible counterparty institutional classifications and unregulated cryptoassets).
FCA Client Assets Sourcebook — CASS 7 (Client Money) & CASS 6 (Safe Custody Assets)
- Reconciliation & audit cadence
- Mandatory internal & external client money reconciliation every business day (CASS 7.15) plus monthly CMAR (Client Money and Asset Return) submission.
- Approved custodian requirements
- Statutory Trust status confirmation letter from an approved CRD/PRA credit institution before any client money is placed; diversification across banks required.
FCA Cryptoasset AML/CTF Registration (MLRs 2017) & FinProm Qualifying Cryptoasset Rules (COBS 4.12A)
- Travel Rule, custody & stablecoin rules
- UK Crypto Travel Rule enforced since September 2023 (FCA FG23/3); Phase 1/2 FSMA 2023 statutory regime for fiat-backed stablecoins and crypto custody.
Primary Governing Statutes & Rulebooks
- Financial Services and Markets Act 2000 (FSMA) & Financial Services and Markets Act 2023
- FCA MIFIDPRU Sourcebook (Investment Firms Prudential Regime — IFPR)
- FCA CASS Sourcebook (CASS 6 Custody Rules & CASS 7 Client Money Rules)
- Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs)
Regulatory Reporting & Audit Obligations
Monthly Client Money and Asset Return (CMAR) within 15 business days and annual external CASS Reasonable Assurance Audit ReportQuarterly MIFIDPRU prudential returns (MIF001 Adequacy of Own Funds, MIF002 Liquid Assets, MIF003 Monitoring Metrics) via RegDataUK EMIR / UK MiFIR T+1 transaction reporting (ARM) and annual Senior Managers (SM&CR) Directory Person attestations
Cross-Border Equivalence & Passporting
Post-Brexit, EEA passporting into the UK ceased; overseas firms rely on the UK Overseas Persons Exclusion (OPE) for institutional wholesale counterparties or must establish a UK-authorised subsidiary/branch.
Supervised institutions & FCA licence records in our database
121 licence records referencing FCA (112 regulated/registered, 9 flagged with warnings/revocations).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| Doo Prime | 833414 | Regulated | DOO Clearing Limited | 2019-06-17 | |
| IB | 208159 | Regulated | Interactive Brokers (UK) Ltd | 2002-02-06 | |
| Hantec Markets Australia | 502635 | Regulated | Hantec Markets Limited | 2010-06-16 | |
| XNT LTD | 789421 | Regulated | LHCM LTD | 2018-09-29 | |
| Investec | 172330 | Regulated | Investec Bank PLC | 2001-01-12 | |
| Al Rayan Bank | 229148 | Regulated | Al Rayan Bank PLC | — | |
| Lloyds Bank | 119278 | Regulated | Lloyds Bank PLC | — | |
| AxCap247 | 589327 | Regulated | Axis Capital Markets Limited | 2013-04-09 | |
| LHCM | 789421 | Regulated | LHCM LTD | 2018-08-29 | |
| OGM | 769481 | Regulated | One Global Market Limited | 2017-10-05 | |
| CANADA(Global network record) | 838086 | Regulated | BTG Technology Holdings Limited | 2024 | |
| Coinbase(Global network record) | 900635 | Regulated | CB Payments Ltd | 2018-07-12 | |
| Saxo(Global network record) | 551422 | Regulated | Saxo Capital Markets UK Limited | 2011-10-05 | |
| Mizuho Securities(Global network record) | 119256 | Regulated | Mizuho International plc | 2021-12-01 | |
| Admiral Markets(Global network record) | 595450 | Regulated | Admiral Markets UK Ltd | 2013-06-12 | |
| Bitpanda(Global network record) | 11625148 | Regulated | Bitpanda Custody Ltd | 2023 | |
| Blackwell Global(Global network record) | 687576 | Regulated | Blackwell Global Investments (UK) Limited | 2016-02-01 | |
| CheckOut(Global network record) | 900816 | Regulated | CheckOut | 2018-2-20 | |
| CMCMarkets(Global network record) | 173730 | Regulated | CMC Markets UK plc | 2001-12-01 | |
| CMCMarkets(Global network record) | 170627 | Regulated | CMC Spreadbet Plc | 2001-12-01 | |
| FxPro(Global network record) | 509956 | Regulated | FXPRO UK Limited | 2010-09-10 | |
| GLOBAL(Global network record) | 901100 | Regulated | B2B Payment Solutions Ltd | 2020‐09‐08 | |
| OANDA(Global network record) | 542574 | Regulated | OANDA Europe Limited | 2011-05-17 | |
| Pepperstone(Global network record) | 684312 | Regulated | Pepperstone Limited | 2015-08-05 | |
| Plus500(Global network record) | 509909 | Regulated | Plus500UK Ltd | 2010-06-29 | |
| ThinkMarkets(Global network record) | 629628 | Regulated | TF Global Markets (UK) Limited | 2015-01-23 | |
| Amana Capital(Global network record) | 605070 | Regulated | Amana Financial Services UK Limited | 2014-04-01 | |
| capital.com(Global network record) | 793714 | Regulated | Capital Com (UK) Limited | 2018-10-26 | |
| Equiti(Global network record) | Number pending check | Regulated | Equiti Capital UK Limited | — | |
| Exness(Global network record) | 730729 | Regulated | Exness (UK) Ltd | 2016-09-01 | |
| Forex(Global network record) | 446717 | Regulated | StoneX Financial Ltd | 2006-03-24 | |
| Fortrade(Global network record) | 609970 | Regulated | Fortrade Limited | 2014-04-17 | |
| International(Global network record) | 501320 | Revoked | Trive Financial Services UK Limited | 2024-06-14 | |
| StoneX(Global network record) | 446717 | Regulated | StoneX Financial Ltd | 2010 | |
| Trade Nation(Global network record) | 525164 | Regulated | TRADE NATION FINANCIAL UK LTD | 2011-05-09 | |
| VELOCITY(Global network record) | 497263 | Regulated | Velocity Trade International | 2010-04-01 | |
| Acetop(Global network record) | 767154 | Regulated | Acetop Financial Limited | 2017-09-11 | |
| ATFX(Global network record) | 760555 | Regulated | AT Global Markets (UK) Limited | 2017-07-11 | |
| CEX.IO(Global network record) | Number pending check | Regulated | CEX.IO Ltd | 2024 | |
| EightCap(Global network record) | 921296 | Regulated | Eightcap Group Ltd | 2020-12-23 | |
| FXCM(Global network record) | 217689 | Regulated | Stratos Markets Limited | 2003-05-27 | |
| HFM(Global network record) | 801701 | Regulated | HF Markets (UK) Limited | 2018-11-14 | |
| HYCM(Global network record) | 186171 | Regulated | HYCM CAPITAL MARKETS (UK) LIMITED | 2001-12-01 | |
| ICAP(Global network record) | 188984 | Revoked | ICAP Europe Limited | 1999 | |
| ICM(Global network record) | 520965 | Revoked | ICM Capital Limited | 2010-11-08 | |
| IG(Global network record) | 195355 | Regulated | IG Markets Limited | 2001-12-01 | |
| Komainu(Global network record) | 985974 | Regulated | Komainu UK Limited | 2023-10-06 | |
| Tickmill(Global network record) | 717270 | Regulated | Tickmill UK LTD | 2016-07-29 | |
| Uphold(Global network record) | 09281410 | Regulated | Uphold Europe Limited | — | |
| Vantage(Global network record) | 590299 | Regulated | Vantage Global Prime LLP | 2013-07-01 | |
| XTX(Global network record) | 711945 | Regulated | XTX Markets Limited | 2016-07-04 | |
| XTX(Global network record) | 949967 | Regulated | XTX Markets Trading Limited | 2021-10-19 | |
| Alvexo(Global network record) | 683301 | Regulated | VPR Safe Financial Group Ltd | 2015-04-28 | |
| ATC Brokers(Global network record) | 591361 | Regulated | ATC Brokers | — | |
| CFI International Ltd(Global network record) | 828955 | Regulated | Credit Financier Invest Limited | 2019-10-14 | |
| CPT Markets(Global network record) | 606110 | Exceeded scope | CPT MARKETS UK LIMITED | 2014-07-31 | |
| DBG Markets(Global network record) | 469459 | Registered | DBG MARKETS (UK) LLP | 2007-10-01 | |
| EBC FINANCIAL GROUP LIMITED(Global network record) | 927552 | Regulated | EBC Financial Group | 2021-02-08 | |
| FXOpen(Global network record) | 579202 | Regulated | FXOpen Ltd | 2013-03-22 | |
| FXTM(Global network record) | 777911 | Regulated | Exinity UK Ltd | 2018-02-01 | |
| Gemini(Global network record) | 900988 | Regulated | Gemini Trust Company,LLC | — | |
| HTFX(Global network record) | 822279 | Regulated | HTFX Limited | 2019-03-25 | |
| INFINOX(Global network record) | 501057 | Suspected clone | Infinox Capital Limited | 2009-09-15 | |
| IronFX(Global network record) | 585561 | Regulated | NOTESCO UK LIMITED | 2013-06-17 | |
| LMAX Group(Global network record) | 783200 | Regulated | 783200 | 2017-12-15 | |
| London(Global network record) | 182110 | Regulated | London Capital Group Ltd | 2001-12-01 | |
| PRCBroker(Global network record) | 731259 | Revoked | Performance Ronnaru Company Limited | 2016-01-08 | |
| The Capital Group(Global network record) | 943758 | Regulated | Capital Group UK Management Company Limited | 2022-01-07 | |
| TRADE.COM(Global network record) | 738538 | Suspected clone | Trade Capital UK (TCUK) Ltd | 2017-01-17 | |
| Tradu(Global network record) | 217689 | Regulated | Stratos Markets Limited | — | |
| XTB(Global network record) | 522157 | Regulated | XTB Limited | 2011-01-17 | |
| Ziglu(Global network record) | Not supplied | Registered | Ziglu Limited | 2020 | |
| Ziglu(Global network record) | 900977 | Regulated | Ziglu Limited | 2020-09-01 | |
| 4T(Global network record) | 624225 | Regulated | 4T Markets Limited | 2015-01-30 | |
| ActivTrades(Global network record) | 434413 | Regulated | Activtrades Plc | 2005-10-27 | |
| ADSS(Global network record) | 577453 | Regulated | ADS SECURITIES LONDON LIMITED | 2012-07-24 | |
| Anzo Capital(Global network record) | 739550 | Regulated | ANZOGLOBAL LLP | 2016-09-14 | |
| Bitwise(Global network record) | 12165332 | Regulated | Bitwise Europe Management Ltd. | 2019 | |
| BRITANNIA(Global network record) | 739949 | Regulated | BRITANNIA GLOBAL INVESTMENTS LIMITED | 2017-01-02 | |
| BUX(Global network record) | 184333 | Regulated | APM Capital Markets Limited | — |
FCA (United Kingdom): institutional licensing & due diligence FAQ
Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.
What are the primary licensing classes and minimum capital requirements under FCA (United Kingdom)?
FCA (Financial Conduct Authority) supervises financial institutions in United Kingdom under Financial Services and Markets Act 2000 (FSMA) & Financial Services and Markets Act 2023 and FCA MIFIDPRU Sourcebook (Investment Firms Prudential Regime — IFPR). Key statutory authorisation classes include: Part 4A — IFPR £750k (Matched Principal / Dealing on Own Account) (Full-Scope MIFIDPRU Investment Firm (Market Maker / Principal Broker) — min. capital: GBP £750,000 Permanent Minimum Capital Requirement (PMR) plus K-Factor Requirement (K-NPR, K-CMH, K-DTF) or Fixed Overheads Requirement (FOR).); Part 4A — IFPR £150k (Agency / Client Money Holder) (MIFIDPRU Agency Broker & Portfolio Manager (Holding Client Assets) — min. capital: GBP £150,000 Permanent Minimum Capital Requirement (PMR) or 25% of annual Fixed Overheads (whichever is higher).); Part 4A — IFPR £75k (SNI Advisory / Non-CASS) (Small and Non-Interconnected (SNI) Investment Firm — min. capital: GBP £75,000 Permanent Minimum Capital Requirement (PMR) or 25% of annual Fixed Overheads.); EMI / API (PSR 2017 & EMR 2011) (Authorised Electronic Money Institution (EMI) / Payment Institution — min. capital: EUR €350,000 initial capital for Authorised EMIs (EUR €125,000 for Authorised Payment Institutions).). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.
Does FCA provide statutory investor compensation and mandatory client asset segregation?
Under FCA's framework, investor protection is governed by Financial Services Compensation Scheme (FSCS) with maximum coverage of GBP £85,000 per eligible person, per authorised firm (for both designated investment business and UK banking deposits) (Retail clients and eligible small corporate entities (excludes professional / eligible counterparty institutional classifications and unregulated cryptoassets).). For client money and custody assets, supervised firms must comply with FCA Client Assets Sourcebook — CASS 7 (Client Money) & CASS 6 (Safe Custody Assets), performing mandatory internal & external client money reconciliation every business day (cass 7.15) plus monthly cmar (client money and asset return) submission. with statutory trust status confirmation letter from an approved crd/pra credit institution before any client money is placed; diversification across banks required..
How does FCA regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?
FCA's digital-asset regime is structured around FCA Cryptoasset AML/CTF Registration (MLRs 2017) & FinProm Qualifying Cryptoasset Rules (COBS 4.12A) (Mandatory FCA Cryptoasset Register for UK crypto exchanges/custodians; strict retail ban on crypto CFDs/ETNs (PS20/10, with Professional-only cETN segment on LSE).). Custody and AML/CFT compliance obligations require: UK Crypto Travel Rule enforced since September 2023 (FCA FG23/3); Phase 1/2 FSMA 2023 statutory regime for fiat-backed stablecoins and crypto custody.
How can I verify an institution's FCA licence number and check our 121 recorded licence entries?
Our database currently tracks 121 licence records referencing FCA (112 marked regulated or registered). To verify a counterparty at the primary source, open FCA's official public register (https://register.fca.org.uk/), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.
Related regulatory & market structure briefings
Research and compliance analysis from ETFYield Lab relevant to FCA and United Kingdom.
ETF Structure & Yield Engineering
Institutional ETF Creation-Redemption Arbitrage, SEC Rule 6c-11 Custom Baskets, and Cross-Border UCITS Withholding Tax Yield Architecture (2026)
An empirical quantitative analysis of Authorised Participant (AP) primary-market arbitrage bands, SEC Rule 6c-11 and IRC Section 852(b)(6) in-kind capital gains shielding, fixed-income ETF NAV-to-market basis dynamics, and Irish ICAV 15% vs 30% US dividend withholding tax alpha.
Fixed Income ETFs & Market Microstructure
SEC Rule 6c-11 Custom Creation Baskets, Fixed-Income ETF NAV Arbitrage & After-Tax Yield Drag Model (2026)
Authorized Participant (AP) custom creation and redemption baskets under SEC Rule 6c-11 refer to non-pro-rata fixed-income portfolio transfers that allow ETF issuers to purge low-basis, illiquid, or off-the-run bonds in-kind without realizing distributable capital gains, compressing annualized after-tax yield drag by 42 to 118 basis points compared with open-end mutual funds.
Treasury Ladders & Yield Math
SGOV vs BIL vs TLT: 30-Day SEC Yield vs Distribution Yield Math & ETF Fee Drag Analysis (2026)
30-Day SEC Yield refers to a standardized net annualized yield metric mandated by the SEC that deducts fund expense ratios from 30-day portfolio income.
Treasury Ladders & Yield Math
iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark: 30-Day SEC Yield vs. Trailing 12-Month Distribution Yield Audit (4.31% 30-Day SEC Yield (3 bps ER) Benchmark)
iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark (SGOV-0-3M-UST) stands at 4.31% (30-Day SEC Yield (3 bps ER)) (Source: SEC Form N-1A / U.S. Treasury, 2026-10-20), governing Form N-1A Item 26 accrual acco
Statutory licensing classes, base capital rules, and investor protection summaries for FCA (United Kingdom) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on FCA’s official public register.