{"version":"1.0","type":"report","canonical_url":"https://hackforddata.com/reports/uk-mifid-firms-2025","json_url":"https://hackforddata.com/reports/uk-mifid-firms-2025/index.json","markdown_url":"https://hackforddata.com/markdown-for-agents?target=/reports/uk-mifid-firms-2025","slug":"uk-mifid-firms-2025","title":"UK MiFID Firms 2025","summary":"London dominates UK MiFID landscape with 4 in 5 firms. Maps 2,480 authorised firms by geography, permissions, governance roles, and ARs.","author":{"type":"Organization","name":"Hackford","url":"https://hackforddata.com"},"date_published":"2025-09-02","date_modified":"2025-09-02","language":"en-GB","license":"All Rights Reserved","downloads":{"pdf_url":"https://hackforddata.com/downloads/Hackford_UK_MiFID_Firms_Report_2025.pdf"},"topics":["UK MiFID firms","FCA Investment Firms Register","SMF16 Compliance Oversight","SMF17 Money Laundering Reporting Officer","Appointed Representatives","FCA permissions"],"citation":"Hackford, \"UK MiFID Firms 2025\", 2025.","content_plain":"UK MiFID Firms 2025\n\nLondon dominates UK MiFID landscape with 4 in 5 firms. Maps 2,480 authorised firms by geography, permissions, governance roles, and ARs.\n\nSummary\n\nThis 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.\n\nThe 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.\n\nThe 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%.\n\nA 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.\n\nKey findings\n\nHackford analysed 2,480 UK MiFID firms operating in the UK.\n\nLondon accounts for 79.5% of all UK MiFID firms, with 1,971 firms based in the capital.\n\nWestminster has 897 MiFID firms and the City of London has 633, together accounting for more than half the national total.\n\nEdinburgh, with 45 firms, is the only non-London local authority in the top ten.\n\nInvestment managers are the largest market subsegment, with 713 active MiFID firms, or 28.8% of the population.\n\nOver 9,200 individuals hold Senior Management Functions at MiFID firms.\n\nAt 1,857 MiFID firms, the same individual holds both SMF16 and SMF17.\n\nThere are 224 MiFID principals responsible for 1,264 active appointed representatives, expanding the effective regime footprint by around 50%.\n\nMethodology\n\nThe report uses data from the FCA Investment Firms Register as at 21 August 2025.\n\nFor the report, a UK MiFID firm is an investment firm authorised by the FCA under the UK MiFID regime.\n\nHackford subsegments firms by primary activity using FCA permissions, firm websites, Companies House SIC codes and other public information.\n\nWho should read this\n\nCompliance consultants advising UK investment firms\n\nRegtech sales teams segmenting MiFID-regulated prospects\n\nRecruiters and advisory teams tracking SMF16 and SMF17 coverage\n\nResearchers mapping UK investment-firm geography and permissions\n\nRelated Hackford searches\n\nUK MiFID firms by local authority\n\nInvestment managers with MiFID permissions\n\nMiFID firms where one person holds SMF16 and SMF17\n\nMiFID principals with appointed representatives\n\nSource notes\n\nThe 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.\n\nThe report is an information resource and is not endorsed by the FCA.\n\nThe dataset covers UK-authorised MiFID firms from the FCA Investment Firms Register, including geography, permissions, market subsegments, Senior Management Functions and appointed representative relationships.\n\nUK MiFID firm: An investment firm authorised by the FCA to provide or perform investment services and activities under the UK MiFID regime.\n\nSMF16: The FCA Senior Management Function for Compliance Oversight.\n\nSMF17: The FCA Senior Management Function for the Money Laundering Reporting Officer.\n\nAppointed Representative: An unauthorised firm that can carry out regulated activities on behalf of an authorised principal.\n\nInvestment Firms Register: The FCA register covering UK-authorised firms providing or performing MiFID investment services or activities.\n\nWhat 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.\n\nWhat 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.","content":{"sections":[{"heading":"Summary","items":["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."]},{"heading":"Key findings","items":["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%."]},{"heading":"Methodology","items":["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."]},{"heading":"Who should read this","items":["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"]},{"heading":"Related Hackford searches","items":["UK MiFID firms by local authority","Investment managers with MiFID permissions","MiFID firms where one person holds SMF16 and SMF17","MiFID principals with appointed representatives"]},{"heading":"Source notes","items":["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."]}],"dataset_summary":"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.","definitions":[{"term":"UK MiFID firm","definition":"An investment firm authorised by the FCA to provide or perform investment services and activities under the UK MiFID regime."},{"term":"SMF16","definition":"The FCA Senior Management Function for Compliance Oversight."},{"term":"SMF17","definition":"The FCA Senior Management Function for the Money Laundering Reporting Officer."},{"term":"Appointed Representative","definition":"An unauthorised firm that can carry out regulated activities on behalf of an authorised principal."},{"term":"Investment Firms Register","definition":"The FCA register covering UK-authorised firms providing or performing MiFID investment services or activities."}],"faqs":[{"question":"What is a UK MiFID firm in this report?","answer":"It is an investment firm authorised by the FCA to provide or perform investment services and activities under the UK MiFID regime."},{"question":"What data date does the UK MiFID Firms 2025 report use?","answer":"The population underlying the report was taken from the FCA Investment Firms Register as at 21 August 2025."}],"source_notes":["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."]},"machine_readable_data":null,"checksum":"6cb627a91d6a26ff522376af14ee4d4faf9638e602839f8e5331560cec097203","last_modified":"2025-09-02T00:00:00.000Z"}