{"version":"1.0","type":"article","canonical_url":"https://hackforddata.com/insights/fca-sec-dual-regulated-firms-2026","slug":"fca-sec-dual-regulated-firms-2026","title":"Mapping transatlantic risk: FCA-SEC dual-regulated firms in 2026","subtitle":"Hackford's report on 698 active firms regulated by both the FCA and SEC","summary":"Hackford maps 698 active firms operating across both the FCA and SEC adviser perimeter, highlighting London concentration, RIA and ERA profiles, RAUM, and cross-border compliance accountability.","author":"Dan Robinson","authorThumb":"images/client/dan.png","date":"2026-04-23","featureImage":"images/reports/dual_regulated_cover_card.png","cardImage":"images/reports/dual_regulated_cover_card.png","category":"Research","excerpt":"Hackford maps 698 active firms operating across both the FCA and SEC adviser perimeter, highlighting London concentration, RIA and ERA profiles, RAUM, and cross-border compliance accountability.","readTime":"2 min read","content_plain":"\nHackford has significantly expanded its platform coverage with the launch of US Securities and Exchange Commission (SEC) investment adviser data, bringing over 23,000 SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) onto our searchable platform. To mark the launch of this SEC dataset, we have published our new report, which zeroes in on the 698 active firms operating under both SEC and UK Financial Conduct Authority (FCA) oversight.\nAdding SEC data allows us to map the intersection of the UK and US markets in unprecedented detail. While this dual-regulated cohort accounts for only around 1% of the 70,000 FCA-regulated firms in the UK, they represent a significant concentration of capital, sharing expertise and best practices across jurisdictions.\nOur findings underline the sector's geographic and financial concentration. London remains the undisputed UK hub, housing 649 of the 698 dual-regulated firms. The SEC data also reveals clear structural differences dictated by US rules: the 434 ERA firms are heavily populated by private market specialists across venture capital, growth capital, and private equity. By contrast, the 264 RIA firms lean toward broader investment or asset management profiles and command a median SEC regulatory assets under management (RAUM) of $4.06b.\nCombining FCA and SEC governance data highlights exactly how accountability is structured across borders. Among the cohort, the vast majority of firms consolidate their UK compliance (SMF16) and anti-money laundering (SMF17) leadership into a single individual — a trend seen in 85.7% of ERAs and 78.1% of RIAs. More strikingly, of the 310 firms disclosing a public SEC Chief Compliance Officer, 79% name the exact same individual as their current UK SMF16.\nManaging the complexities of two major regulatory regimes at once is a substantial task, and the new data clearly shows that accountability is highly concentrated. For regtech providers and compliance consultants, this intersection of high complexity, vast capital, and concentrated risk presents a clear opportunity: these firms have the scale to require specialist support and the imperative to ensure they never fall foul of either regulator.\nYou can read the full report and explore the new SEC data directly on Hackford: Dual-regulated firms: FCA-regulated and SEC adviser firms.","content_blocks":[{"id":"img-0","kind":"img","src":"https://hackforddata.com/images/reports/dual_regulated_cover_card.png","text":"Dual-regulated FCA and SEC adviser firms report cover"},{"id":"p-1","kind":"p","text":"Hackford has significantly expanded its platform coverage with the launch of US Securities and Exchange Commission (SEC) investment adviser data, bringing over 23,000 SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) onto our searchable platform. To mark the launch of this SEC dataset, we have published our new report, which zeroes in on the 698 active firms operating under both SEC and UK Financial Conduct Authority (FCA) oversight."},{"id":"p-2","kind":"p","text":"Adding SEC data allows us to map the intersection of the UK and US markets in unprecedented detail. While this dual-regulated cohort accounts for only around 1% of the 70,000 FCA-regulated firms in the UK, they represent a significant concentration of capital, sharing expertise and best practices across jurisdictions."},{"id":"p-3","kind":"p","text":"Our findings underline the sector's geographic and financial concentration. London remains the undisputed UK hub, housing 649 of the 698 dual-regulated firms. The SEC data also reveals clear structural differences dictated by US rules: the 434 ERA firms are heavily populated by private market specialists across venture capital, growth capital, and private equity. By contrast, the 264 RIA firms lean toward broader investment or asset management profiles and command a median SEC regulatory assets under management (RAUM) of $4.06b."},{"id":"p-4","kind":"p","text":"Combining FCA and SEC governance data highlights exactly how accountability is structured across borders. Among the cohort, the vast majority of firms consolidate their UK compliance (SMF16) and anti-money laundering (SMF17) leadership into a single individual — a trend seen in 85.7% of ERAs and 78.1% of RIAs. More strikingly, of the 310 firms disclosing a public SEC Chief Compliance Officer, 79% name the exact same individual as their current UK SMF16."},{"id":"p-5","kind":"p","text":"Managing the complexities of two major regulatory regimes at once is a substantial task, and the new data clearly shows that accountability is highly concentrated. For regtech providers and compliance consultants, this intersection of high complexity, vast capital, and concentrated risk presents a clear opportunity: these firms have the scale to require specialist support and the imperative to ensure they never fall foul of either regulator."},{"id":"p-6","kind":"p","text":"You can read the full report and explore the new SEC data directly on Hackford: Dual-regulated firms: FCA-regulated and SEC adviser firms."}],"entities":[{"type":"Reg","name":"SMF16"},{"type":"Reg","name":"Compliance Officer"},{"type":"Reg","name":"Financial Conduct Authority"}],"references":[{"url":"https://hackforddata.com/reports/dual-regulated-fca-sec-adviser-firms-2026","title":"new report"}],"checksum":"6e8748c92b4781ee0f4f9617a65c94bbb55541acad4dd1c2f590ed5fc7a25e4a","last_modified":"2026-04-28T10:06:37.933Z","license":"All Rights Reserved"}