Confirm the obligations that apply to your firm are in place. Start with section 1, which applies to every regulated intermediary, then complete the sections for the activities you actually carry on. Everything here applies UK-wide, except claims management regulation, which covers Great Britain only.
Section 1 — Every regulated firm
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Hold the right FCA permissions
Part 4A permission for each regulated activity you carry on (or, where available, appointed representative status), and meet the threshold conditions on an ongoing basis.
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Operate the SM&CR
Senior managers approved, certification staff assessed annually, conduct rules embedded — in the limited scope, core or enhanced tier that fits your firm.
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Meet the Consumer Duty
Fair value, customer understanding and outcome monitoring wherever retail customers sit in your distribution chain (Principle 12).
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Keep financial promotions compliant
Every promotion fair, clear and not misleading under the s.21 FSMA restriction.
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Handle complaints under DISP
DISP time limits and final responses, with Financial Ombudsman Service referral rights.
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Run anti-money-laundering controls
Risk assessment, customer due diligence, monitoring and reporting under the Money Laundering Regulations.
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Meet operational resilience requirements
Identify important business services, set impact tolerances and stay within them if in scope.
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Protect personal data and pay the ICO fee
Handle client financial data under the UK GDPR. Unless exempt, register with the ICO and pay the annual fee.
Section 2 — Insurance distribution and loss adjusting
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Hold the insurance distribution permission and meet its conduct standards
Permission, knowledge and competence, and the distribution conduct rules for everyone in the chain.
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Meet the customer-facing duties
Demands-and-needs assessment before proposing a policy. Product information document for retail customers buying general insurance.
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Protect client money and hold professional indemnity cover
Insurance client money rules (CASS 5) and the professional indemnity cover the FCA requires for brokers. Loss adjusters hold their own PI.
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Meet loss adjusting and claims handling standards
The permissions for regulated claims handling and the chartered professional standing the loss adjusting profession runs on.
Section 3 — Advisers and intermediaries
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Hold the advising permission and qualifications
Advising-on-investments permission. Retail advisers hold an FCA-recognised Level 4 qualification with an annual Statement of Professional Standing and structured CPD.
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Assess and document suitability
Gather the client information COBS 9/9A require and issue suitability reports for retail personal recommendations. Pension transfer advice on safeguarded benefits needs pension transfer specialist sign-off.
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Hold the right intermediary permissions
Mortgage intermediary permission (MCOB) for regulated mortgage work. Consumer credit permissions for credit broking. FCA claims management permission for regulated claims activity (Great Britain only).
Section 4 — Investment firms and trading venues
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Hold the dealing permission
Dealing in investments as agent, with the conduct-of-business rules that follow it.
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Protect client money and assets
CASS segregation, reconciliation and records for client money and custody assets.
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Meet the IFPR and remuneration code
Own funds and liquidity under the Investment Firms Prudential Regime, the ICARA process, and the MIFIDPRU remuneration code.
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Run venues and reporting lawfully
MTF/OTF authorisation or RIE recognition. Best execution. Transaction reporting.
Section 5 — Fund and asset managers
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Hold the managing investments permission
Discretionary portfolio management is a regulated activity in its own right.
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Run funds under the right regime
UCITS management rules for retail funds. The UK AIFM regime for alternative funds — full-scope managers appoint a depositary and apply the AIFM remuneration rules. Sub-threshold managers register under the lighter regime.
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Disclose climate-related risk
TCFD-aligned entity and product disclosures if you are a larger asset manager.
Section 6 — Pension administrators
These duties are The Pensions Regulator's and apply even if you hold no FCA permission.
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Support the scheme's TPR obligations
Registrable information and scheme returns kept current, record-keeping and data quality maintained, and dashboards connection completed for the schemes you administer. The industry's non-statutory administrator competence standards (PMI, PASA) are the recognised benchmark.
Legal basis
Primary legislation and key regulations
Official guidance
Which financial intermediary rules apply to your business (opens in a new tab)
Run a regulated financial services firm (opens in a new tab)
Insurance distribution and loss adjusting rules (opens in a new tab)
Financial adviser and intermediary rules (opens in a new tab)
Investment firm and trading venue rules (opens in a new tab)
Fund and asset management rules (opens in a new tab)