Mapping the UK's MiFID firms
Investment firms in 2025
Hackford has launched MiFID data on the platform, giving users the ability to search and analyse the nearly 2,500 MiFID investment firms operating in the UK. The new dataset provides visibility of permissions, market segments, key individuals, and appointed representatives of MiFID firms.
To mark the launch, we have published our UK MiFID Firms 2025 report. It seems that MiFID rules are back in the policy debate. Earlier this year, hedge funds have called on the FCA to reduce reporting requirements1, while the Chancellor has promised to scrap "duplicative" obligations as part of wider reforms2. The FT reports that the FCA receives more than 7b reports on financial market transactions every year under the MiFID rules. It will be instructive to see whether the recently announced November Budget will have more on financial services reform.
Our MiFID findings underline the sector's concentration and complexity. Almost four in five MiFID firms are based in London, with Westminster and the City of London together accounting for more than half the national total. Edinburgh is the only non-London authority in the top ten. Permissions data shows firms sticking to core securities such as shares and debentures, while far fewer extend into higher-risk derivatives like contracts for difference, rolling spot FX or spread betting.
Governance data highlights how accountability is structured. More than 9,200 individuals currently hold Senior Management Functions at MiFID firms, and in three-quarters of cases the same person is responsible for both Compliance Oversight (SMF16) and Money Laundering Reporting (SMF17). This may be efficient for smaller firms, but it also concentrates responsibility in ways that carry risk.
Appointed representatives significantly expand the footprint of the MiFID regime. With 1,264 ARs linked to MiFID firms, the effective size of the regime increases by just over 50%. Most of these relationships are recent, with a median duration of 3.5 years, showing how the AR model continues to provide a flexible route into the market.
Commenting on the AR regime in the context of the MiFID findings, Ian Manson, Co-Founder and Executive Director of Sentinel Regulatory Services said, "In our experience, as supported by Hackford's data, it is an important complement to the FCA direct authorisation route, which allows start-ups, spinouts, and incoming overseas firms quick access to UK financial markets."
The report sits against a backdrop of purported structural reform. In her Mansion House speech in July, Chancellor Rachel Reeves put financial services at the centre of the government's growth strategy3. She reiterated a commitment to "regulate for growth and not just for risk", streamline the Senior Managers and Certification Regime, and reduce the burden of reporting while maintaining high standards3.
With these purported reforms potentially feeding into the November Budget, it is our hope that the MiFID report provides some insight into this important group of companies.
You can read the full UK MiFID Firms 2025 report and explore the data directly on Hackford.
