Find out what permissions you'll need to apply to us for authorisation, how much you'll need to pay and what we expect to see in your application.
On this page 
Custodians are responsible for the holding and safeguarding of assets belonging to clients.
A custodian's fiduciary obligation is to the client, which means the custodian must establish a robust network of systems and controls to prevent the loss or diminution of client assets.
Often, custodians perform a number of ancillary services such as settlement, investment services, treasury services, depositary and fund services. This page focuses on the custodian’s core safeguarding responsibilities.
Permissions you'll need
Typically, you'll need this permission and requirement as a minimum:
- permission: safeguarding and administration of assets
- requirement: hold and control client money
Permission sometimes required:
- arranging safeguarding and administration of assets
For full details, refer to our table of permissions you might need and the terms being used.
Application fee
Your fee falls into Category 6, which will be £10,000.
Find out more about your application fee, including how to pay.
Prudential requirements
Refer to MIFIDPRU (our prudential sourcebook for MiFID investment firms) to determine the Own Funds Requirement and K-factors required for your business model.
The conditions of MIFIDPRU 1.2.1 R can't be satisfied because the Assets Safeguarded and Administered (ASA) by the firm as custodian shouldn't be zero.
This means that your firm will likely be classed as Non-Small and Non-Interconnected (Non-SNI) with a Permanent Minimum Requirement (PMR) of at least £150,000.
What to include
Before submitting your application through our Connect system, make sure you've prepared:
- your regulatory business plan, 3-year financial forecast and the other things we expect to see in all applications
- the relevant required forms and supporting material listed below