Find out what permissions you'll need to apply to us for authorisation, how much you'll need to pay and what we expect to see in your application.
Wholesale brokers can:
- recommend particular investments to an investor
- carry out deals on behalf of their customers
but the decision to invest must be made by the customer.
Wholesale brokers can either:
- arrange for investments into or by a third party, or
- provide advice on investments and arrange for investments (advisers/arrangers)
In either instance you should consider whether or not you're providing regulated advice.
Permissions you'll need
Typically, these are the permissions required:
- advising on investments
- arranging deals in investments
- agreeing to carry on regulated activities
- making arrangements with a view to transactions in investments
Permissions sometimes required:
- dealing in investments as an agent
For full details, refer to our table of permissions you might need and the terms being used[3].
Application fee
Your fee falls into pricing category 4.
Find out more about your application fee[4], including how to pay.
Prudential requirements
If you're a MiFID investment firm you'll:
- be subject to the MIFIDPRU requirements
- probably be a small non-interconnected firm and the Own Funds Requirement will be the higher of a Permanent Minimum Requirement (PMR) of £75,000 or a Fixed Overhead Requirement
If you're a non-MiFID arranger also giving advice (eg an Article 3 MiFID exempt firm subject to IPRU-INV 3[5]):
- your firm's financial resource requirement is that you maintain financial resources in excess of the financial resources requirement as calculated in IPRU (INV) 3.61 and 3.70
What to include
Before submitting your application through our Connect[7] system, make sure you've prepared:
- your regulatory business plan, 3-year financial forecast and the other things we expect to see in all applications[8]
- the relevant required forms listed below
