Allfunds has been authorised to operate as a Third Country Branch in the UK, bringing the platform under the dual regulation of the Prudential Regulation Authority and the Financial Conduct Authority.
The move has been made in anticipation of the end of the Temporary Permissions Regime for UK branches of European Economic Area-regulated firms.
Under its FCA authorisation, the platform will operate under CASS regulatory provisions to offer client assets safekeeping under a UK nominee accounts structure.
BlackRock joins AllFunds private markets wealth distribution programme
The authorisation demonstrates a "commitment to ensuring strong performance that ultimately underpins the quality of the service received by clients", according to Allfunds UK country head Tom Wooders.
"Allfunds' regulatory authorisation in the UK comes at a critical time, as the industry seeks trusted partners for the delivery of sophisticated, high-quality services and greater efficiencies in their own client service," he added. "We are confident this milestone will strengthen our existing client relationships while positioning us strongly to capitalise on demand for services Allfunds provides."
