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 |
|---|---|---|---|---|---|
| Saxo | 551422 | Regulated | Saxo Capital Markets UK Limited | 2011-10-05 | |
| CMCMarkets | 173730 | Regulated | CMC Markets UK plc | 2001-12-01 | |
| CMCMarkets | 170627 | Regulated | CMC Spreadbet Plc | 2001-12-01 | |
| OANDA | 542574 | Regulated | OANDA Europe Limited | 2011-05-17 | |
| Plus500 | 509909 | Regulated | Plus500UK Ltd | 2010-06-29 | |
| Coinbase | 900635 | Regulated | CB Payments Ltd | 2018-07-12 | |
| Mizuho Securities | 119256 | Regulated | Mizuho International plc | 2021-12-01 | |
| Bitpanda | 11625148 | Regulated | Bitpanda Custody Ltd | 2023 | |
| Forex | 446717 | Regulated | StoneX Financial Ltd | 2006-03-24 | |
| IB | 208159 | Regulated | Interactive Brokers (UK) Ltd | 2002-02-06 | |
| StoneX | 446717 | Regulated | StoneX Financial Ltd | 2010 | |
| Doo Prime | 833414 | Regulated | DOO Clearing Limited | 2019-06-17 | |
| Admiral Markets | 595450 | Regulated | Admiral Markets UK Ltd | 2013-06-12 | |
| Blackwell Global | 687576 | Regulated | Blackwell Global Investments (UK) Limited | 2016-02-01 | |
| CheckOut | 900816 | Regulated | CheckOut | 2018-2-20 | |
| Pepperstone | 684312 | Regulated | Pepperstone Limited | 2015-08-05 | |
| ThinkMarkets | 629628 | Regulated | TF Global Markets (UK) Limited | 2015-01-23 | |
| Fortrade | 609970 | Regulated | Fortrade Limited | 2014-04-17 | |
| VELOCITY | 497263 | Regulated | Velocity Trade International | 2010-04-01 | |
| ICAP | 188984 | Revoked | ICAP Europe Limited | 1999 | |
| FxPro | 509956 | Regulated | FXPRO UK Limited | 2010-09-10 | |
| GLOBAL | 901100 | Regulated | B2B Payment Solutions Ltd | 2020‐09‐08 | |
| capital.com | 793714 | Regulated | Capital Com (UK) Limited | 2018-10-26 | |
| Equiti | Number pending check | Regulated | Equiti Capital UK Limited | — | |
| Exness | 730729 | Regulated | Exness (UK) Ltd | 2016-09-01 | |
| International | 501320 | Revoked | Trive Financial Services UK Limited | 2024-06-14 | |
| Trade Nation | 525164 | Regulated | TRADE NATION FINANCIAL UK LTD | 2011-05-09 | |
| ATFX | 760555 | Regulated | AT Global Markets (UK) Limited | 2017-07-11 | |
| Hantec Markets Australia | 502635 | Regulated | Hantec Markets Limited | 2010-06-16 | |
| HFM | 801701 | Regulated | HF Markets (UK) Limited | 2018-11-14 | |
| IG | 195355 | Regulated | IG Markets Limited | 2001-12-01 | |
| Tickmill | 717270 | Regulated | Tickmill UK LTD | 2016-07-29 | |
| XTX | 711945 | Regulated | XTX Markets Limited | 2016-07-04 | |
| XTX | 949967 | Regulated | XTX Markets Trading Limited | 2021-10-19 | |
| Alvexo | 683301 | Regulated | VPR Safe Financial Group Ltd | 2015-04-28 | |
| CFI International Ltd | 828955 | Regulated | Credit Financier Invest Limited | 2019-10-14 | |
| FXOpen | 579202 | Regulated | FXOpen Ltd | 2013-03-22 | |
| The Capital Group | 943758 | Regulated | Capital Group UK Management Company Limited | 2022-01-07 | |
| Tradu | 217689 | Regulated | Stratos Markets Limited | — | |
| CANADA | 838086 | Regulated | BTG Technology Holdings Limited | 2024 | |
| Amana Capital | 605070 | Regulated | Amana Financial Services UK Limited | 2014-04-01 | |
| Acetop | 767154 | Regulated | Acetop Financial Limited | 2017-09-11 | |
| EightCap | 921296 | Regulated | Eightcap Group Ltd | 2020-12-23 | |
| FXCM | 217689 | Regulated | Stratos Markets Limited | 2003-05-27 | |
| HYCM | 186171 | Regulated | HYCM CAPITAL MARKETS (UK) LIMITED | 2001-12-01 | |
| Vantage | 590299 | Regulated | Vantage Global Prime LLP | 2013-07-01 | |
| ATC Brokers | 591361 | Regulated | ATC Brokers | — | |
| DBG Markets | 469459 | Registered | DBG MARKETS (UK) LLP | 2007-10-01 | |
| EBC FINANCIAL GROUP LIMITED | 927552 | Regulated | EBC Financial Group | 2021-02-08 | |
| FXTM | 777911 | Regulated | Exinity UK Ltd | 2018-02-01 | |
| Gemini | 900988 | Regulated | Gemini Trust Company,LLC | — | |
| HTFX | 822279 | Regulated | HTFX Limited | 2019-03-25 | |
| IronFX | 585561 | Regulated | NOTESCO UK LIMITED | 2013-06-17 | |
| LMAX Group | 783200 | Regulated | 783200 | 2017-12-15 | |
| PRCBroker | 731259 | Revoked | Performance Ronnaru Company Limited | 2016-01-08 | |
| TRADE.COM | 738538 | Suspected clone | Trade Capital UK (TCUK) Ltd | 2017-01-17 | |
| XNT LTD | 789421 | Regulated | LHCM LTD | 2018-09-29 | |
| XTB | 522157 | Regulated | XTB Limited | 2011-01-17 | |
| Ziglu | Not supplied | Registered | Ziglu Limited | 2020 | |
| Ziglu | 900977 | Regulated | Ziglu Limited | 2020-09-01 | |
| 4T | 624225 | Regulated | 4T Markets Limited | 2015-01-30 | |
| Anzo Capital | 739550 | Regulated | ANZOGLOBAL LLP | 2016-09-14 | |
| Bitwise | 12165332 | Regulated | Bitwise Europe Management Ltd. | 2019 | |
| BUX | 184333 | Regulated | APM Capital Markets Limited | — | |
| IEXS | 923324 | Regulated | Vision Integrated Exchange LTD | 2021-02-11 | |
| Scalable | Number pending check | Regulated | Scalable Capital Limited | 2017 | |
| Sucden | 114239 | Regulated | Sucden Financial Limited | 2001-12-01 | |
| Taurex | 816055 | Regulated | Zenfinex Limited | 2019-03-11 | |
| Trading212 · Trading 212 | 609146 | Regulated | Trading 212 UK Limited | 2014-10-01 | |
| Valutrades | 586541 | Regulated | Valutrades Limited | 2013-04-03 | |
| CEX.IO | Number pending check | Regulated | CEX.IO Ltd | 2024 | |
| ICM | 520965 | Revoked | ICM Capital Limited | 2010-11-08 | |
| Komainu | 985974 | Regulated | Komainu UK Limited | 2023-10-06 | |
| Uphold | 09281410 | Regulated | Uphold Europe Limited | — | |
| CPT Markets | 606110 | Exceeded scope | CPT MARKETS UK LIMITED | 2014-07-31 | |
| INFINOX | 501057 | Suspected clone | Infinox Capital Limited | 2009-09-15 | |
| London | 182110 | Regulated | London Capital Group Ltd | 2001-12-01 | |
| ActivTrades | 434413 | Regulated | Activtrades Plc | 2005-10-27 | |
| ADSS | 577453 | Regulated | ADS SECURITIES LONDON LIMITED | 2012-07-24 | |
| Al Rayan Bank | 229148 | Regulated | Al Rayan Bank PLC | — |
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 VolSurface Desk relevant to FCA and United Kingdom.
Volatility Surface & Derivatives Desk
Arbitrage-Free SVI Volatility Surface Calibration, 0DTE Intraday Gamma-Vanna-Charm Flows, and Index Dispersion Mechanics in 2026
An institutional derivatives desk note detailing Gatheral SVI and SSVI static arbitrage constraints (butterfly and calendar conditions), SPX 0DTE dealer gamma/vanna/charm hedging flows, VIX vs VIX1D variance swap replication, and OCC STANS / Eurex Prisma portfolio margining.
Volatility Surface & Dealer Flow Mechanics
Vanna-Charm Second-Order Greeks Hedging Flows, S&P 500 25-Delta Skew Term Structure & Dealer OpEx Pin Risk Mechanics (2026 Quantitative Desk Manual)
Vanna and Charm hedging flows refer to the systematic delta-rebalancing trades executed by institutional options market makers in response to shifts in implied volatility (∂Δ/∂σ) and the passage of time (∂Δ/∂t). Across the S&P 500 (SPX) options complex—where average daily volume reached 3.34 million contracts [3.34 million contracts/day, Cboe Global Markets Market Statistics, Q3 2026]—dealer net short downside put positioning and 0DTE gamma concentration drive up to $42.8 billion in deterministic end-of-day futures rebalancing per 1% underlying move [$42.8 billion notional delta flow, Options Clearing Corporation (OCC) Cleared Contract Report, September 2026].
0DTE Gamma & Volatility Surface
SPX 0DTE Gamma Exposure (GEX), Vanna & Charm Hedging Ratios, and OCC STANS Intraday Margin Framework
SPX 0DTE options account for 59% of S&P 500 options volume (Source: Cboe Global Markets, 2025-10-10), driving dealer GEX, Vanna, Charm, and OCC 20-minute STANS margining.
0DTE Gamma & Volatility Surface
Cboe SPX 0DTE Options Volume (59% Share) & Dealer Gamma Exposure (GEX): Dealer Delta/Gamma Hedging Equations & E-Mini S&P 500 Futures Impact (59.0% Share of SPX Options Volume Benchmark)
Cboe SPX 0DTE Options Volume (59% Share) & Dealer Gamma Exposure (GEX) (SPX-0DTE-GEX) stands at 59.0% (Share of SPX Options Volume) (Source: Cboe Global Markets, 2026-10-20), governing intraday futures rebalancing per 1%
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.