LEI for a trust

Data as of 13 November 2026 Source: GLEIF

A trust needs an LEI when its trustees buy or sell shares, bonds, ETFs or other reportable instruments for the trust. The FCA lists trusts, alongside companies and charities, among the clients an investment firm cannot trade for without one.

74,575 UK trusts have been issued an LEI. Only 23% are active, which makes trusts the group most likely to let an LEI lapse.

  • 74,575Entities with an LEI
  • 23%Active LEIs
  • 3,023New in the last 12 months
  • 32%Share of the country’s LEIs

When an LEI is required

Family and discretionary trusts, will trusts and settlements usually meet the requirement through a stockbroker or wealth manager: the manager asks for the trust’s LEI before it deals. Bare trusts are handled less uniformly. Some firms treat the beneficiary as the client, and an individual is identified without an LEI; others ask for an LEI for the trust. The firm that holds the account decides.

From 3 April 2028 the FCA’s new transaction reporting rules say the same thing in its own handbook: where a trust has an LEI the firm reports it, and where it has none the firm identifies the beneficiaries.

Legal basis

  • Under UK MiFIR, an investment firm cannot execute a trade in shares, bonds, ETFs or other reportable instruments for a client that is eligible for an LEI and does not have one. The FCA names companies, charities and trusts among the clients this covers. FCA: UK MiFIR legal entity identifiers
  • The rule itself is short: a firm shall not provide a service that triggers a transaction report before it has the client’s LEI. RTS 22, Article 13(2), as kept in UK law
  • Under UK EMIR, both sides of a derivative contract are reported, so every UK counterparty to a derivative needs an LEI. FCA: UK EMIR reporting obligation
  • A private individual investing in their own name does not need an LEI and is identified by a national identifier instead. RTS 22, Article 6, as kept in UK law

What the application needs

Register
None at Companies House. The trust is verified from its own documents
Evidence
Typically the trust deed and details of the trustees; we tell you exactly what is needed once the application is in
Who can apply
A trustee, or an adviser the trustees authorise with a signed letter of authorisation
Name on the record
The name of the trust as it appears in the deed, not the names of the trustees

How to apply

  1. Enter the name or registration number in the application form. Where the register is connected, the details are filled in for you.
  2. Check the name, registration number and address, and state whether a parent company consolidates the entity.
  3. Confirm that you may act for the entity, then pay. If a signed authorisation is needed, you sign it online.
  4. The details are checked against the register. Once they are confirmed, the LEI is issued and sent to you by email.

An entity can only have one LEI. Check whether it already has one

Apply for an LEI

In numbers

  • Active 17,050 (23%)
  • Lapsed 55,987 (75%)
  • Other 1,538 (2.1%)

First LEI registrations per year

YearLEIs
201521
201645
201740,580
201813,233
20193,126
20202,491
20212,537
20222,373
20232,173
20242,492
20252,785
2026*2,467

* 2026 is counted up to 13 November 2026.

Registers these entities are recorded in

Registration authorityLEIs
HM Revenue & Customs4,715
Charity Commission for England and Wales488
Scottish Charity Register (Scottish Charity Regulator), Scotland75
The Pensions Regulator64
Financial Services Register (Financial Conduct Authority)40
Other registers20
No register recorded69,173

UK LEI statistics

Frequently asked questions

Does a bare trust need an LEI?

It depends on the firm. Some treat the beneficiary of a bare trust as the investor, and an individual does not need an LEI. Others require one for the trust. Ask the firm that holds the account before you apply.

The trustees are individuals. Can the trust still get an LEI?

Yes. The LEI is issued to the trust, and the trustees apply on its behalf. Individuals do not need LEIs of their own.

Why do so many trust LEIs lapse?

An LEI has to be renewed every year. A trust that trades rarely has little reason to renew between deals, and UK rules do not oblige an investment firm to check that a client’s LEI has been renewed, so the renewal can be left until the next deal. 55,987 UK trust LEIs are lapsed today.

Sources

Other entity types