UK MiFID Firms 2025
London dominates UK MiFID landscape with 4 in 5 firms. Maps 2,480 authorised firms by geography, permissions, governance roles, and ARs.
What the report covers
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.
Dataset
The dataset covers UK-authorised MiFID firms from the FCA Investment Firms Register, including geography, permissions, market subsegments, Senior Management Functions and appointed representative relationships.
Key findings
- Hackford analysed 2,480 UK MiFID firms operating in the UK.
- London accounts for 79.5% of all UK MiFID firms, with 1,971 firms based in the capital.
- Westminster has 897 MiFID firms and the City of London has 633, together accounting for more than half the national total.
- Edinburgh, with 45 firms, is the only non-London local authority in the top ten.
- Investment managers are the largest market subsegment, with 713 active MiFID firms, or 28.8% of the population.
- Over 9,200 individuals hold Senior Management Functions at MiFID firms.
- At 1,857 MiFID firms, the same individual holds both SMF16 and SMF17.
- There are 224 MiFID principals responsible for 1,264 active appointed representatives, expanding the effective regime footprint by around 50%.
Methodology
The report uses data from the FCA Investment Firms Register as at 21 August 2025.
For the report, a UK MiFID firm is an investment firm authorised by the FCA under the UK MiFID regime.
Hackford subsegments firms by primary activity using FCA permissions, firm websites, Companies House SIC codes and other public information.
Who should read this
- Compliance consultants advising UK investment firms
- Regtech sales teams segmenting MiFID-regulated prospects
- Recruiters and advisory teams tracking SMF16 and SMF17 coverage
- Researchers mapping UK investment-firm geography and permissions
Definitions
- UK MiFID firm
- An investment firm authorised by the FCA to provide or perform investment services and activities under the UK MiFID regime.
- SMF16
- The FCA Senior Management Function for Compliance Oversight.
- SMF17
- The FCA Senior Management Function for the Money Laundering Reporting Officer.
- Appointed Representative
- An unauthorised firm that can carry out regulated activities on behalf of an authorised principal.
- Investment Firms Register
- The FCA register covering UK-authorised firms providing or performing MiFID investment services or activities.
Report FAQ
What is a UK MiFID firm in this report?
It is an investment firm authorised by the FCA to provide or perform investment services and activities under the UK MiFID regime.
What data date does the UK MiFID Firms 2025 report use?
The population underlying the report was taken from the FCA Investment Firms Register as at 21 August 2025.
Download report
Citation: Hackford, "UK MiFID Firms 2025", 2025.
- The FCA Investment Firms Register excludes firms benefiting from MiFID exemptions or authorised solely under other directives such as UCITS, AIFMD or the Capital Requirements Directive.
- The report is an information resource and is not endorsed by the FCA.