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The FCA has announced its plan to speed up processes for firms and individuals seeking authorisation in an effort to support the UK’s growth objective. And with performance against the new targets set to be measured from January 2026, now is the time to get your application ready to reap the benefit of regulator’s efficiency.
The package of targets includes both statutory and voluntary targets:
- Statutory: New firm authorisations and variations of permission applications to be completed in four months (currently six) for complete applications and ten months (currently 12) for incomplete applications.
- Voluntary: For variations of permission applications where the new permissions closely align to the existing business model, the target will reduce further to three months for complete applications and six months for incomplete applications.
- Voluntary: Payments and e-money firm authorisations and registrations completed in three months (same) for complete applications and ten months (currently 12) for incomplete applications.
- Voluntary / statutory: For senior manager regime applications, at least half will be completed within 35 days with a proposed statutory deadline of two months (currently three) for all applications.
What this means for firms looking to be authorised in the UK
This is no doubt good news for new firms looking to set up and continue regulated activities in the UK.
However, it’s worth noting that in setting a shorter target, the FCA has also emphasised that it will maintain a robust authorisation process. The key phrase to note here is ‘complete applications’. If you think an application is complete when you’ve submitted your application and all the required supporting documents, think again. For as long as the FCA has questions on your application that have not been addressed by your regulatory business plan or any supporting documents, the application will not be considered complete. And even when the application is deemed completed, anytime the FCA needs further information from you, the clock will stop.
So how can you take advantage of the new, shorter statutory and voluntary deadlines? The answer is to prepare an application so comprehensive that it can be deemed complete by the FCA as soon as possible after submission. That is, however, easier said than done.
How can Ocorian help you get authorised?
We have helped over 500 UK financial services firms including banks, broker dealers, asset managers, wealth managers, payment services providers, digital assets firms, crowdfunding website operators, lenders, and insurers.
Our breadth of sector experience and understanding of FCA rules and expectations means we have an unparalleled understanding of the authorisation process and know what a complete application should look like.
If you’re looking to get authorised in the UK, please get in touch.
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