UK FCA - FAQs
Have a question about the FCA Authorisation process? Browse our FAQ below or get in touch with our UK/EU Compliance Team today.
According to provisions made under the Financial Services and Markets Act (FSMA) 2000, financial activities must be regulated by the FCA. Any firm (whether a business, a not-for-profit or a sole trader) carrying out a regulated activity must be authorised or registered by the FCA, unless they are exempt. Find out more details on the FCA’s website.
When you submit an application to the FCA, you must pay the application fee in full. This fee is non-refundable and the price will vary depending on the type of application and the firm applying for the authorisation. The more complex the application is, the higher the application fee is. If your authorisation application is successful, you will also pay an annual fee to the FCA.
No, it does not. The FCA carries out a detailed evaluation of all applications. The more detail given on an application and those prepared by experienced UK compliance professionals have a higher success rate and a more rapid processing time. However, there are no guarantees and problems can arise due to incomplete disclosure.
An application should provide sufficient information to enable the FCA to determine whether you meet the requirements for authorisation and that you are ready, willing and organised to comply with the standards of the regulatory system. The FCA expects you to provide such information as is reasonably considered necessary to enable it to determine the application or, to decide whether to give consent to the PRA (where you have applied to the PRA). If substantive changes are made to an application after it has been submitted which indicate that you are not ready, willing and organised, you may be asked to consider withdrawing the application and re-applying to provide you with an opportunity to address the issues raised.
Once you have been authorised by the FCA, there is an annual fee to pay. You must also meet its minimum standards (threshold conditions) at all times, comply with the rules and principles relevant to your business and send regular reports.