Are your FCA authorisation applications up to scratch?
What’s happening?
We advise on FCA applications for all types of firms and across most areas of activity and as a result, we have a detailed understanding of what the FCA expects from applications and from the individuals making them, whether the applications are from newly-formed firms or former Appointed Representatives seeking direct authorisation.
We have noted that in certain areas, the FCA is continuing to see a poor quality of applications and that therefore these firms’ applications are taking longer to complete. Firms frequently withdraw their applications, largely due to not having appropriate resources to run their businesses to meet the FCA’s threshold conditions.
The FCA is currently questioning whether principal firms will struggle due to Covid-19 and if so, it is expecting to see an increase in direct authorisation applications for lending and intermediary AR firms.
What do you need to do?
Firms must focus on the all-round quality of their applications, including in particular their resourcing, the experience and knowledge of their proposed SMF 16/17 and their understanding of the FCA rules relevant to them.
How can we help you?
If you’d like to know more about FCA authorisation applications from newly-formed firms or former Appointed Representatives, or any other aspect of FCA compliance, our expert team is here to help. Contact us today on 0207 436 0630 – or email info@thistleinitiatives.co.uk.