The Financial Conduct Authority has published its Approach to Authorisation, outlining the purpose of authorisation and the FCA’s approach when determining whether an individual or firm meets the eligibility criteria to be authorised.
The FCA want to ensure that those who apply to be authorised, or approved, understand how they test whether an applicant will meet the FCA’s requirements.
In the revised Approach to Authorisation the FCA have clarified and/or added further detail around:
• how they assess authorisation applications for individuals who hold key roles in solo-regulated and dual-regulated firms
• how they assess the drivers of behaviour that can create culture likely to cause harm
• examples of situations where the following actions may be taken: revoking authorisation, registration and approval
• the role of the Regulatory Decisions Committee
• how they are providing a range of support to firms to promote competition
• how they measure their operational performance and effectiveness of their approach
• an improved set of the public commitments the FCA make to firms
Read the regulator’s Approach to Authorisation and Feedback Statement here on the FCA website.
