UK MiFID Firms 2025

This report from Hackford reveals the extraordinary concentration of MiFID firms in London, with Westminster and the City alone accounting for more than half the national total. Edinburgh emerges as the only non-London centre in the top ten, underscoring its strength in asset management.

The analysis explores how firms use their MiFID permissions, from mainstream securities to higher-risk derivatives, and examines governance through Senior Management Functions. Strikingly, three-quarters of firms combine SMF16 (Compliance Oversight) and SMF17 (Money Laundering Reporting) in a single individual, highlighting both efficiency and concentrated accountability.

The report also sheds light on the Appointed Representatives regime: 224 MiFID principals oversee 1,264 active ARs, expanding the regime’s footprint by around 50%.

A must-read for compliance consultants, recruiters, and regtech sales teams seeking clarity on where the UK’s MiFID market is clustered and how it is structured.