Obtaining authorisation and fees

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This overview is a guide to the Lexis+® UK Financial Services content within the Obtaining authorisation and fees subtopic, with links to the appropriate materials.

This overview explains the basic principle of carrying out regulated activities and summarises the available avenues that firms seeking authorisation will have to take, and the relevant financial authority or authorities they will have to deal with. The overview also sets out the topical content that is available.

Firms who wish to carry out regulated activities in the UK must be authorised to do so. For guidance on what constitutes 'regulated activities', see Practice Note: What are regulated activities?

The most significant changes introduced under the current regulatory regime involve the way that firms are supervised and the risk mitigation process.

For further guidance, please see: Supervision—overview. You can also read a detailed discussion on the FCA's approach to supervision in Our approach to supervision.

FCA authorisation process

The FCA authorisation process involves much more than just filling in forms. Firms seeking Part 4A permission need to prepare well in advance in order to: establish what will be involved in

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Latest Financial Services News

European Parliament adopts T+1 settlement cycle for securities transactions

The European Parliament has adopted its first reading position on a proposal to amend Regulation (EU) 909/2014 to shorten the securities settlement cycle from two business days (T+2) to one business day (T+1), with the change set to apply from 11 October 2027. The amendment aims to reduce market risks, improve efficiency and align the EU with global practices. The European Securities and Markets Authority (ESMA) will monitor settlement efficiency during the transition and report more frequently around implementation, while the European Commission may adjust Delegated Regulation (EU) 2017/389 if settlement fails increase. Exemptions include privately negotiated trades executed on trading venues, bilaterally executed trades reported to trading venues, initial book-entry recordings and documented securities financing transactions such as securities lending, buy-sell back or sell-buy back transactions and repurchase agreements.

FCA publishes paper on UK pure protection market

The Financial Conduct Authority (FCA) has published a paper on the UK pure protection market for retail customers. It is one of two papers related to the pure protection market study that the FCA intends to publish in 2025 before an interim report is issued around the end of the year. In the paper, the FCA notes that the market is concentrated, with the top five insurers accounting for around 80% of new business premiums in 2023, while distribution remains fragmented. Although not a formal consultation, the FCA welcomes feedback by 15 October 2025.

The new reserved investor fund—a brief guide

Tax analysis: Legislation setting out the tax rules for a new type of unauthorised fund, the Reserved Investor Fund (Contractual Scheme), known as the RIF, came into force in March 2025. Anne Powell, Knowledge Counsel at Bryan Cave Leighton Paisner LLP, highlights the key tax features of this new fund type and considers its likely use.

EBA Chairperson announces January 2026 departure

The European Banking Authority (EBA) has announced that José Manuel Campa will step down as Chairperson at the end of January 2026, citing personal and family-related reasons. Campa will remain in his role until his departure to ensure a smooth leadership transition. In light of his resignation, the EBA is initiating the standard procedure to select a new Chairperson.

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