Apply to become a consumer investments firm
Consumer investments firms, including financial advisers and investment platforms, have to be authorised by us.
Find out how to apply for authorisation.
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
The application process
Our 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.
Threshold conditions
Our threshold conditions are our minimum standards for authorised firms.
You’ll need to explain how you’ll continue to meet each threshold condition.
Perimeter guidance
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 – for MiFID investment firms
- IPRU-INV – for other types of investment business, eg Article 3 MiFID-exempt firms
- MIPRU – if you’re applying for mortgage, home finance and/or insurance permissions
- CONC – 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, 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. 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.
If you've previously owned or been connected with an authorised firm
Where we identify polluter behaviour risk, your application (including applications to cancel) will be subject to significant extra scrutiny and challenge.
We may use past business reviews, deed polls and/or special requirements to ensure you meet your past liabilities to consumers. You’ll need to justify your actions and explain how you’ve treated customers fairly.
We’ll also look for arrangements that seek to mask accountable individuals benefiting from assets from the original firm (including from the sale or transfer of client banks) through the involvement of connected parties.
Read more about what firms should and should not do to tackle polluting behaviour and meet their redress liabilities in our update for firms.
Prepare your application
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 your firm’s financial information
- the supporting material you’ll rely on to meet the requirements of our Consumer Duty
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.