The UK is one of the largest international financial centres, built around the City of London. Banks are dual regulated by the Prudential Regulation Authority (PRA, part of the Bank of England) and the Financial Conduct Authority (FCA); most other financial firms, including payment, e-money, investment and cryptoasset firms, are authorised or registered by the FCA alone.
Risk flagStandard
FATFNot listed
EU AML high-risk listNot listed
EU tax listNot listed
Licence regimes6
CurrencyGBP
S&P ratingAA
Next electiondue by 2029
Not on the FATF grey or black list (plenary of 19 June 2026), not in the annex of Delegated Regulation (EU) 2016/1675 as consolidated on 29 January 2026, and not in Annex I of the EU tax list as revised in February 2026. Checked 7 October 2026.
Government and politics
Government
Parliamentary constitutional monarchy
King
Charles III · since September 2022
Prime Minister
Andy Burnham (Labour Party)
Governing parties
Labour Party
Last election
General election, 4 July 2024
Next election
General election, due by 2029. Andy Burnham succeeded Keir Starmer as Labour leader and Prime Minister in July 2026 without a general election, after winning the Makerfield by-election on 18 June 2026
Legislature
Parliament: House of Commons (650 seats) and House of Lords
Legal system
English common law (Scotland has a mixed civil and common law system)
Economy and finance
Population
69.5m (2025)
GDP
USD 4tn (2025)
GDP per person
USD 57,608 (2025)
Currency
Pound sterling (GBP), floating
Central bank
Bank of England
Credit rating
S&P AA (stable) · Moody's Aa3 (stable) · Fitch AA- (stable) (as of August 2026)
A services-dominated economy in which the City of London is one of the world's two leading international financial centres, especially for banking, foreign exchange, insurance and asset management.
Bank
Part 4A permission to accept deposits (UK bank authorisation)
Minimum capitalNot published
TimelineStatutory deadline of 6 months from a complete application, or 12 months from receipt of an incomplete application
AuthorityPRA, with the consent of the FCA (dual regulation)
Law
Financial Services and Markets Act 2000, Part 4A; PRA and FCA Threshold Conditions
Fees
Single fee paid to the FCA and split equally between the FCA and PRA. The FCA fee page lists banks under pricing Category 7 (GBP 28,150); complex applications in the A1 deposit-acceptor fee-block are listed under Category 8 (GBP 56,300). Pre-application meetings are optional.
Passporting
No EU passport since Brexit; a UK bank needs local authorisation in each EEA state.
Key requirements
Meet PRA and FCA Threshold Conditions at authorisation and at all times, including during mobilisation
Regulatory Business Plan, ICAAP and ILAAP reviewed in an optional three-stage pre-application process (initial, feedback, technical challenge meetings)
Capital for the first 12 months of planned operation (or for the mobilisation period if using mobilisation), with a CRR Article 26(3) permission for CET1 instruments
Fit and proper board and senior management; at minimum a Chair, CEO and one other executive before entering mobilisation
Mobilisation route: authorised with restrictions, total deposits capped at GBP 50,000, maximum 12 months; exit by variation of permission applied for at least 3 months before the 12 months expire
TimelineFCA must determine a complete application within 3 months and any application within 12 months of receipt (PSRs 2017 reg. 9)
AuthorityFCA
EUR 125,000 for payment services (a) to (e) of Schedule 1; EUR 50,000 for payment initiation only; EUR 20,000 for money remittance only; none for account information only
FCA application fee Category 4 (GBP 2,820) or Category 5 (GBP 5,640) for an authorised PI depending on services; Category 3 (GBP 1,130) for a small PI.
Passporting
No EEA passport since Brexit.
Key requirements
Initial capital plus own funds under Method A, B or C as directed by the FCA
FSMA authorisation for regulated cryptoasset activities (new regime)
Minimum capitalNot published
TimelineNot published
AuthorityFCA
Law
Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, passed by Parliament on 4 February 2026
Passporting
None.
Key requirements
Regime applies in full from 25 October 2027; covers stablecoin issuance, trading platforms, dealing, arranging, custody, staking, lending and borrowing
Existing MLR registrations do not convert automatically; firms must seek FSMA authorisation
Application window for firms relying on the savings provisions: 30 September 2026 to 28 February 2027
Prudential rules in the new COREPRU and CRYPTOPRU sourcebooks (FCA final rules published 30 June 2026)
TimelineFSMA Part 4A deadlines: 6 months from a complete application, 12 months from an incomplete one (as stated for bank applications by the Bank of England)
AuthorityFCA
Permanent minimum requirement from GBP 75,000 (e.g. reception and transmission of orders, no client money) to GBP 150,000 (holding client money or assets, operating an MTF) and GBP 750,000 (dealing on own account, underwriting)
Law
Financial Services and Markets Act 2000, Part 4A; FCA Handbook MIFIDPRU 4.4
Fees
FCA application fee depends on permissions; most MiFID investment managers and CFD firms fall in Category 6 (GBP 11,260).
Passporting
No EEA passport since Brexit.
Key requirements
Own funds at least the highest of the permanent minimum requirement, fixed overheads requirement and K-factor requirement
Fit and proper approved persons under the Senior Managers and Certification Regime
Prudential Regulation Authority (Bank of England) (PRA) · websitebanks
Financial Conduct Authority (FCA) · websitebanks, E-money institutions, Payment service providers, Investment firms, Virtual asset service providers (VASPs)
UK minimum initial capital for a new bank was not confirmed from an opened official source, so it is left null; the PRA assesses capital adequacy for the first 12 months of operation case by case. The FCA timeline shown for investment firms reflects the statutory FSMA Part 4A deadlines described by the Bank of England for bank applications. Under the new cryptoasset regime, firms must apply in the savings window (30 September 2026 to 28 February 2027) to keep operating while their application is assessed; the Government consulted in April 2026 on a draft SI that may move some UK-issued stablecoin activity into a future payments regime. Online gambling (UK Gambling Commission) was not covered in this pass.
General information
About United Kingdom
Natural Earth boundaries. Map is indicative.
Status
Sovereign state
Capital
London
Area
243,610 km²
Official languages
English, Welsh (in Wales)
Time zone
UTC+00:00 (UTC+01:00 in summer)
Main exports
financial services
business and professional services
cars
gold
gas turbines
packaged medicine
Main export partners
United States
China
Germany
Netherlands
Ireland
Sources for the country information(8)
Country information checked 9 October 2026. Licensing data updated 7 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
