In order to expand its market share, Allfunds, a B2B wealthtech platform serving the fund management sector, has announced that it has been granted permission to function as a Third Country Branch in the UK.

Anticipating the termination of the Temporary Permissions Regime for UK branches of EEA-regulated companies, Allfunds’ UK operations will be subject to dual regulation by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

It will provide client asset protection under its UK nominee accounts structure in accordance with the FCA’s authorisation and the UK’s Client Assets Sourcebook (CASS) regulatory provisions. 

Allfunds’ authorisation in the UK is an indication for its drive to upholding the stringent regulatory standards in the major markets where it conducts business.

With this authorisation, Allfunds further solidifies its reputation as an ethical supplier of banking and financial services to an expanding clientele in the UK wealth management market, which includes intermediary and pensions platforms, insurance companies, and investment management companies.

Tom Wooders, UK country head of Allfunds of Allfunds, said: “Allfunds’ authorisation in the UK marks an important milestone in the continued growth of our business in a key global market, while also demonstrating our commitment to ensuring strong performance that ultimately underpins the quality of the service received by our clients. 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. We are confident this milestone will strengthen our existing client relationships while positioning us strongly to capitalise on demand for services Allfunds provides.”

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Furthermore, global investment firm KKR joined the Allfunds Private Partners (APP) programme earlier this month. The APP programme, which debuted earlier this year, is effectively building a close-knit network of partners, including KKR, committed to enhancing distributors’ access to private market funds.