Who sells to financial services firms?
Financial services is a long chain of businesses that arrange, advise on, lend or move money. At one end are mortgage and insurance brokers and independent financial advisers, who sit between a client and a provider. At the other are banks, building societies, credit unions, asset and invoice finance houses and payment firms, who lend or hold the money itself.
Each of them buys the same things any business does, and a few things only a regulated firm needs. Software for file reviews and client records, compliance support, professional indemnity cover, marketing, recruitment, training, data and lead supply, and outsourced back-office work all find buyers here.
This page covers brokers and advisers in most depth, because that is where most firms are small and approachable. Banks and building societies are covered only briefly: their business arms buy through formal procurement, and a cold email rarely gets that far. Payment and merchant services providers are noted briefly too.
Why are financial services firms hard to sell to?
The first difficulty is accountability. The FCA's rules say a firm that outsources an important function keeps its own responsibility for it. In practice a director or compliance lead has to be satisfied that your product is safe to rely on, and that is a harder yes than for most buyers.
The second is that the decision sits in different places. A directly authorised firm picks its own suppliers. An appointed representative operates under a principal firm, which is responsible to the FCA for what the representative does, so the principal or network may limit what the representative can buy. Ask which one you have in front of you before you pitch.
The third is time. Small broker and adviser practices are busy with clients and have little patience for a generic pitch, and larger firms have formal third-party risk reviews that can run for months. Ask what a supplier review involves and allow for the people who must assess it.
The firm decides, and answers for it
- You approach the firm
- Director or compliance lead
- Due diligence on you
- Contract and onboarding
Smaller firms can move quickly when the need is clear.
The principal firm has a say
- You approach the practice
- Principal or network is consulted
- Network approves or declines
- The practice adopts it
Some networks keep approved supplier lists, so ask if one exists.
Procurement and risk review
- You approach the business
- Business owner names a need
- Procurement and third-party review
- Contract and ongoing monitoring
Larger firms review each supplier formally, so expect a questionnaire.
How is financial services put together?
The Financial Conduct Authority regulates how most of these firms treat customers, and keeps the public Financial Services Register of firms, individuals and appointed representatives. The Prudential Regulation Authority, part of the Bank of England, supervises the safety of banks, building societies, insurers and credit unions, so those are regulated by both. Complaints from customers can end up with the Financial Ombudsman Service, which Parliament set up and which the FCA oversees.
Among broking and advice firms, the key split is how they are authorised. A directly authorised firm holds its own permissions from the FCA. An appointed representative carries on regulated activity under the responsibility of an authorised principal, which may be a network. Many mortgage brokers join a network or use a mortgage club to reach lenders, and the principal must review each representative at least every 12 months.
Advice firms may describe their advice as independent or restricted. That describes the scope of their recommendations to clients, rather than who can approve an office supplier. Check the firm’s authorisation on the FCA Register and ask separately about purchasing authority, network arrangements and any relevant supplier restrictions.
Lending firms form another group. Credit unions are co-operatives with a common bond. Asset finance, invoice finance and challenger lenders range from small specialists to large groups. Trade bodies include the Personal Finance Society, the Chartered Insurance Institute, the NACFB for commercial finance brokers, the Finance & Leasing Association and UK Finance.
Firms use several legal forms, and that matters before you write. Under PECR, the UK's rules for electronic marketing, a limited company counts as a corporate subscriber and a sole trader counts as an individual.
Counts as a corporate subscriber
You can send a relevant business email without asking first, as long as you say who you are and give an easy way to opt out.
Counts as an individual
A cold marketing email needs their consent first. Partnerships in Scotland are the exception: they count as corporate subscribers.
Does the list include limited companies and sole traders?
Yes, both. The UK book holds financial firms across several legal forms: limited companies, limited liability partnerships, partnerships and sole traders. Larger brokers, finance houses and challenger lenders are almost always limited companies, and credit unions are co-operatives. Many independent advisers and small broking practices are small companies, partnerships or one-person firms.
The two behave differently for a supplier. A limited company has directors and a registered address you can check, so the list can show who runs it. A sole trader has one decision maker who may also be the compliance contact, and may trade under a name that differs from their own. Check the firm’s regulatory status separately; legal form alone does not describe all the rules applying to its activities.
If you want only one kind, filter for it. A compliance software firm may suit multi-adviser companies, and a training provider may find more sole trader advisers. Sole traders are harder to count than companies because there is no single public UK register of them, so treat the list as a strong start, not a full census.
What happens if you approach the wrong person?
A practice may support a new tool while its principal or network needs to assess the supplier. If you miss that step, a proposed pilot can stall after both teams have spent time preparing it. Establish who can approve the product, what evidence is required and whether a trial needs permission.
A file-review system can also create migration, training and oversight work. Ask how the firm would retain records, manage access and continue reviews during a change. Those costs belong in the buying discussion alongside any potential reduction in review time; let the compliance and operations teams define the measures.
Pitching a representative as if it were an independent firm
If a principal firm approves suppliers, the practice cannot sign you up alone. Ask who approves.
Making product claims about money itself
Keep to what your own service does for the firm. Anything that sounds like promoting a financial product needs its own care.
Emailing a sole trader adviser without consent
A sole trader counts as an individual under PECR. Check the label on the record before you write.
Who decides in a regulated financial firm?
The deciding person depends on size and structure. In a very small firm one director may be owner, adviser and compliance contact. In a larger one, the decision is spread across directors, a compliance function and operations.
Under the FCA's Senior Managers regime, certain people in a regulated firm hold named responsibilities, which may include compliance oversight and money laundering reporting. Company records can show directors where held, with the main contact marked where we can tell, so use that as your way in and ask who owns compliance and suppliers.
Director or owner
- What they care about
- Winning and keeping clients, time spent on admin, and whether the regulator would be satisfied.
- Open with
- A specific job in the firm that costs the practice time.
Compliance officer or compliance lead
- What they care about
- Evidence, file quality, and being able to show a supplier is safe to use.
- Open with
- How your service helps them evidence a check, and what you can show for security and exit.
Practice or operations manager
- What they care about
- Day-to-day systems, case flow, staffing and cost.
- Open with
- A process that is slow today, with a clear trial.
Network or principal firm contact
- What they care about
- Whether a tool is safe for all its representatives and fits its own oversight.
- Open with
- A supplier pack and an offer to be assessed once for every member.
Credit union or lender operations lead
- What they care about
- Case handling, collections, member or customer service and keeping within supplier rules.
- Open with
- A named operational problem and what third-party checks they will need.
How do you find financial services firms in the UK?
Start with the sector, then narrow by place. In the UK book, choose Financial Services, which covers brokers, advisers, lenders and finance houses. Add the region you serve, then narrow by what you need to make contact: a named director, a business phone, a checked email.
Use the FCA Register to check the firm’s permissions and appointed-representative status, alongside the company information available. A new director does not establish a need for software. Search and filters are free on every plan, with counts updating before you decide which contacts to reveal.
To narrow to one kind of firm, use SIC codes as well. Insurance agents and brokers use 66220. Many advisers and mortgage intermediaries sit under 66190, activities auxiliary to financial intermediation. Finance houses use 64921, mortgage finance companies 64922, other credit granting 64929, and financial leasing 64910. Some firms register under a code that does not match what they do, so search by sector first, then narrow by code.
Choose Financial Services and your area. Searching is free on every plan.
What should you say to a financial services firm?
Ask who oversees file reviews and how the checks are recorded. Explain the part your service supports, then let the firm describe its requirements. Be ready to discuss access, storage, continuity and exit arrangements with the compliance lead. Avoid claiming that a tool guarantees compliance or satisfies every regulatory requirement.
Keep claims about your service accurate and within your evidence. Describing a message as business-to-business does not remove every rule that might apply to its content. If you mention a regulatory change, check that it affects this type of firm and ask how the firm is responding.
If the firm says recording checks takes too long, ask which steps are repeated and who has to reconcile the records. Explore the effect on review capacity and oversight. Then ask what a better process would need to show, and who would approve a pilot with appropriate data and access controls.
A job that costs time
Ask how the firm records checks or onboards a case today, and what slows it down.
A regulatory deadline
Where a rule change affects how a firm works, offer a short note on what suppliers can do to help.
Who approves suppliers
Check whether the firm or its principal approves the purchase. Use a director change to update contact research, without inferring a software review.
Hi Priya,
We make file-review software for broker and adviser practices.
Who oversees file reviews at Quillhaven, and how are the checks recorded today?
If it helps, I can send our one-page security and data summary so your compliance lead can see it first.
Sam
Directly authorised, appointed representative or lender: what changes?
The same product needs a different approach depending on how the firm is set up. This is how the three kinds of buyer usually differ. Every firm is different, so treat it as a starting point and ask.
| Directly authorised firm | Appointed representative | Lender or finance house | |
|---|---|---|---|
| Who is accountable to the FCA | The firm itself | Its principal firm, which answers for the practice | The firm, with its own senior managers |
| Who chooses suppliers | A director or the compliance lead | The practice, within what the principal allows | Business owner plus procurement or risk teams |
| How long it can take | Often short in a small firm | Longer if the principal must approve | Usually longest, with formal review |
| What they will ask for | Who you are, data handling, price, support | The same, plus whether the principal accepts it | Security, resilience, contract terms and exit plan |
| Where a network matters | Optional, for clubs and panels | Central, as the principal firm | Rarely |
| Best first contact | Director or compliance lead | Practice owner, then the principal's supplier team | The operations head for the area you serve |
Before you approach any regulated firm
- A plain statement of what you do and what you do not do
- Where data is held, who can see it and how it is protected
- How you handle an outage, and how a customer can leave and take their data
- Your own insurance, company details and contact for the firm's compliance lead
- A supplier pack a network or compliance team can review once
- Terms that allow the firm to inspect, audit or end the service
- No claims about financial products or returns in your marketing to the firm
- References from comparable firms, with their permission
Questions people ask about selling to financial services firms
Is there a database of mortgage brokers and financial advisers in the UK?
Yes. The UK book holds brokers, advisers, finance houses and lenders under the Financial Services sector. Search it free by area, legal form and what we hold, then reveal only the contacts you want.
How do I sell software to an independent financial adviser?
Find out whether the firm is directly authorised or an appointed representative, then speak to the director or compliance lead. Lead with the job it saves and give clear answers on data, access and what happens if the service stops.
Who makes the buying decisions in a mortgage broker?
In a small directly authorised firm, the director or owner. In an appointed representative, the principal firm or network often has a say. Ask who approves suppliers before you pitch.
What is an appointed representative?
An appointed representative carries on regulated activity under the responsibility of an authorised firm, called its principal. The principal must be satisfied the representative is fit and proper, and reviews it regularly. This is the FCA's own description.
How do regulated firms choose suppliers?
They run due diligence on the supplier and keep responsibility for what it does. The FCA's rules on outsourcing expect the firm to check the provider's ability, supervise it and keep the right to end it. Larger firms use formal procurement.
Do financial firms need to check my business before they buy?
Usually yes, at least informally. Expect questions on data, access, continuity and exit. How much depends on the firm's size and the importance of what you provide. Have a short supplier pack ready.
Can I get a list of financial advisers that are sole traders?
Yes. The UK book includes sole traders and small partnerships as well as limited companies, and each record shows the legal form we hold. Filter by sector and form, then check the rules for emailing individuals before you write.
Can I email financial services firms without consent?
You can send a relevant business email to a limited company or LLP without consent if you say who you are and offer an easy way to opt out. Sole traders and most partnerships count as individuals and need consent first. Each record says which it is.
Who regulates financial advisers and brokers in the UK?
The Financial Conduct Authority regulates conduct for most of them and keeps the public Financial Services Register. Banks, building societies, insurers and credit unions are also supervised by the Prudential Regulation Authority. This page describes the regulators and does not give legal or financial advice.
Does the list include credit unions and finance houses?
Yes. Lenders, credit unions and finance houses sit in the same sector as brokers and advisers, each labelled for the kind of business it is, so you can narrow to the kind you sell to.
Can I search by SIC code?
Yes. Records carry the SIC 2007 codes from the register, and a plain-English sector for businesses without one, so you can search by either. Some firms register under a code that does not match what they do.
Do I pay to search?
No. Search and filters are free on every plan. Your allowance is only used when you reveal a new contact, and one you have already revealed never counts again.
Sources for this guide
- FCA: Financial Services Register
- FCA: appointed representatives and principals
- FCA Handbook: outsourcing
For marketing rules, see the ICO’s business-to-business marketing guidance. Sector codes can be checked in the Companies House SIC list.