Regulatory interaction

We are well equipped to assist organisations to vary their scope of permission.

We assist by completing the Variation of Permission (VoP) form directly onto the FCA Connect system and, where required by the nature of the application, assist in the preparation of the supporting documentation, such as business plans and financial projections. We will also prepare any enhancements to compliance policies and procedures that are required to conduct any new areas of business in compliance with the required standards. We design any necessary enhancements to the monitoring programme which will enable you to demonstrate control over the new areas of operation.

VoP support services offered

We can support you through this process in the following ways:

• discussing the new area of business with you to understand and identify which new permissions may be required
• advising on the regulatory and prudential requirements of the new business
• identifying critical gaps that may exist in your current resources which may need to be filled before commencing your new activities
• identifying any training needs
• helping in the preparation of the business plan
• preparing new compliance policies and enhanced monitoring processes
• preparing the draft application pack, including supporting forms
• guiding you through the VoP application in its entirety with your senior management so that they understand what is being submitted and what the regulator’s expectations are
• assisting you in fully and effectively responding to the regulator’s questions following its review of the VoP application.

Our considerable experience in handling complex authorisations, means we are able to anticipate the regulator’s likely areas of focus and assist you in addressing these as part of the initial filing, enabling the VoP application to be processed with efficiency.

Obtaining approval for a change in control can sometimes present unforeseen problems for firms. Poor preparation can lead to delays. Such delays can cause problems to the orderly processing of the transaction or adverse publicity, particularly when one of the parties is a publicly listed company.

We can advise you on the requirements for the change in control application to be accepted and can ensure that the CIC application is complete and addresses all the key areas demanded by the regulator.

The UK financial services regulators have the right to request information from your business, or even request to visit your premises, with reasonable notice, whenever they feel the need to do so. For most firms, this is a very rare occasion, particularly the premises visit. We saw that during the COVID-19 lockdowns, the FCA requested information regarding operational resilience from firms, and we have also seen requests for information from a broad range of firms when the FCA is preparing for or conducting thematic reviews. The FCA also has powers under section 165 of the Financial Services and Markets Act to request information from regulated firms to support the FCA with its supervision and enforcement activities.

We have decades of experience in assisting our clients in responding to these information requests. It is important to respond openly and honestly to the FCA, but also vital that firms respond specifically and fully to the request. We support firms in understanding the nature of the request and will assist in preparing the firm’s response and communication with the FCA.

Regulatory interviews are a tool often used by the FCA in its ongoing supervision of firms. At Waystone, we have a team of experienced consultants, including ex-regulators that can guide you through the FCA interview experience. We often deliver mock FCA interviews to prepare you for the style of interview and range of topics you may encounter.

During our mock interviews, we will take note of your responses, and provide feedback at the end of the process. We offer a safe and informative environment for these interviews, with the utmost confidence maintained throughout.