Financial intermediaries — the firms that distribute, advise, deal, manage and administer — almost all need FCA authorisation, and every authorised firm shares a core of conduct duties before its own rulebook starts. This path takes you through it in order: work out which rules apply to what you do, put the shared regulated-firm duties in place, then follow the rules for your activity, and finish by checking you have covered everything.
Step 1 — Work out which rules apply
Identify what you do — insurance distribution or loss adjusting, advice or intermediation, dealing or operating a venue, fund management, or pension administration — and check you are in the right place: risk carriers and lenders follow different estates.
Step 2 — Put the regulated-firm duties in place
Hold the right permissions, operate the SM&CR, deliver the Consumer Duty, keep promotions compliant, handle complaints under DISP, run anti-money-laundering controls, meet operational resilience requirements and protect personal data. Pension administrators: your TPR duties are in this guide's final section.
Step 3 — Follow the rules for what you do
Now work through the guide for your activity. If you carry on more than one, follow each relevant guide.
If you distribute insurance, adjust losses or handle claims
Hold the insurance distribution permission, meet the demands-and-needs and product information duties, protect client money, hold professional indemnity cover, and meet the loss adjusting and claims handling standards.
If you advise on investments, mortgages or credit
Hold the advising permission and Level 4 qualification, assess and document suitability, and hold the right mortgage, credit or claims management permissions.
If you deal in investments or operate a trading venue
Hold the dealing permission, protect client money and assets under CASS, meet the IFPR prudential regime, and run venues, best execution and transaction reporting lawfully.
If you manage funds or portfolios
Hold the managing investments permission, run funds under the UCITS or UK AIFM regime — including depositary appointment for full-scope managers — and disclose climate-related risk if you are a larger manager.
Step 4 — Confirm you are compliant
Work through the financial intermediary compliance checklist to confirm every obligation that applies to your firm is in place.