Professional & Financial Services UK-wide

Which financial intermediary rules apply to your business

This guidance is for the firms around the risk carriers and lenders — insurance distributors and loss adjusters, financial advisers and mortgage or credit intermediaries, investment firms and trading venues, fund managers, and pension administrators. Almost all are FCA-authorised and share a core of conduct duties. Each then has its own permission and rulebook. Work out which you are and follow the right guides.

Guide summary

First, check if you need FCA authorisation. Then put the shared duties in place – authorisation, SM&CR, Consumer Duty, financial promotions, complaints, anti‑money laundering, operational resilience and data protection. Depending on your business type, follow the specific rules for insurance, investments, trading, or fund management. Finally, use the compliance checklist to confirm you have covered everything.

  • Check if you need FCA authorisation first
  • Put shared duties in place for all regulated firms
  • If you distribute insurance, follow insurance distribution rules
  • If you advise on investments or mortgages, follow financial adviser rules
  • If you deal in investments or run a trading venue, follow investment firm rules
  • If you manage funds or portfolios, follow fund management rules
  • Pension administrators also follow TPR duties in the shared duties guide
  • Use the financial intermediary compliance checklist to finish
  • Other businesses (insurers, lenders) follow different guides
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Financial intermediaries are the firms that distribute, advise, arrange, manage and administer — rather than carry risk or lend. Most need FCA authorisation for their specific regulated activities, and all authorised firms share a core of conduct duties. If you are not sure you need authorisation at all, start with do I need FCA authorisation. Then follow the guide for what you do — if you do more than one, follow each.

  1. 1

    Put the shared duties in place

    Whatever your activity, start with the duties every regulated firm shares: the authorisation perimeter, the SM&CR, the Consumer Duty, financial promotions, complaints handling, anti-money laundering, operational resilience and data protection. Follow "Run a regulated financial services firm". Pension administrators: your TPR duties are in the final section of that guide.

  2. 2

    If you distribute insurance, adjust losses or handle claims

    Insurance distribution is a regulated activity with its own conduct rulebook — demands and needs, product information documents, client money, professional indemnity — and loss adjusters and claims handlers have their own permissions and standards. Follow "Insurance distribution and loss adjusting rules".

  3. 3

    If you advise on investments, mortgages or credit

    Retail investment advisers need qualifications and must assess suitability. Mortgage and credit intermediaries need their own FCA permissions. Follow "Financial adviser and intermediary rules".

  4. 4

    If you deal in investments or operate a trading venue

    Dealing as agent, holding client money and assets, the IFPR prudential regime, and the rules for multilateral and organised trading facilities and recognised investment exchanges. Follow "Investment firm and trading venue rules".

  5. 5

    If you manage funds or portfolios

    Managing investments is a regulated activity. UCITS managers, UK AIFMs and depositaries have their own regimes, and larger managers carry climate disclosure duties. Follow "Fund and asset management rules".

  6. 6

    Confirm you have covered everything

    Finish with the financial intermediary compliance checklist to confirm every obligation that applies to you is in place.

If you are somewhere else in financial services

If you carry insurance risk or fund pensions — an insurer, reinsurer or occupational scheme — follow which insurance and pension funding rules apply instead. If you lend or take deposits, see FCA authorisation for financial services and the consumer credit estate, starting with understanding UK consumer credit regulation. For setting up an insurance broking business specifically, see start an insurance broking business.

Official sources

Authoritative starting points for financial intermediaries.