FCA Authorisation

The Financial Services and Markets Act 2000 (‘FSMA’) defines ‘regulated’ financial services and it is an offence under FSMA for businesses or individuals to provide such services without appropriate authorisation from the UK regulator.

Applying for authorisation for the first time can be a complex and time consuming process, and it is important that you get the whole process right first time. However, it need not be daunting and costly, provided you have the right support.

Supporting your application

We have extensive experience of supporting firms through key stages of the application process including:

• Pre-authorisation preparation
• Submission of the application forms and appropriate supplements and assisting with follow-up correspondence
• Implementation of regulatory requirements post-authorisation

We can provide you with guidance and support on:

• the forms you need to complete (there are different application forms for different categories of authorised activity)
• the level of capital adequacy that you will require
• documenting your compliance procedures
• providing management and staff training on compliance matters

Regulatory Business Plan

The authorisation process is how the regulator assesses whether the applicant is ‘fit and proper’ to be an authorised firm. One key element of the application is the Regulatory Business Plan. The regulator is looking for applicants to explain the nature of your business including your intended regulated activities but also your management processes, systems and controls. We can either give you guidance on the type of information that should be included in this plan or we can draft a plan for you based on information provided.

You need to plan the process to ensure that any key deadline dates for authorisation can be managed. Our support includes assistance on managing the overall application process itself including providing an application 'step plan' on what needs to be carried out or completed, by whom and when.

Perimeter Guidance

Prior to applying, you may need guidance on whether (and how) your intended activities may be caught by the Financial Services and Markets Act 2000 (‘FSMA’). We can provide you with guidance to ensure that when you apply for PRA and / or FCA authorisation it is for the right reasons and rights permissions.
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