The following Financial Services Q&A provides comprehensive and up to date legal information covering:
The Financial Conduct Authority (FCA) authorisation process involves a firm making an application for permission to carry out one or more regulated activities. This is referred to as 'Part 4A permission' because it is given under Part 4A of the Financial Services and Markets Act 2000 (FSMA 2000). The FCA may ask for any information it reasonably requires before determining the application, and it has a broad discretion as to what form this information takes.
If the firm has completed its application pack correctly, attached all the required information within the proper time frame, and responded promptly to any further requests by the regulator, the FCA has up to six months from the date it receives the completed application to make a decision. Straightforward applications should take between three and four months. Where firms send in an incomplete application, the process can take up to twelve months. The FCA publishes its standards on the FCA website and periodically publishes its performance against these standards. For more information about the FCA authorisation process, take a look at the following Practice Notes:
FCA and PRA authorisation under Part 4A of FSMA 2000
Free trials are only available to individuals based in the UK
Complete all the fields above to proceed to the next step.
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Commercial Property Standard Enquiries (CPSEs) are industry standard pre-contract enquiries used in commercial property transactions. CPSEs are endorsed by the British Property Federation and are free to use. The CPSEs include specific environmental enquiries at enquiry 15 and there are several
Insurable interestThis Practice Note considers insurable interest, including insurable interest in construction and liability insurance. It also considers insurable interest in subrogation, co-insurance and double insurance and the Insurable Interest Bill.What is insurable interest?‘Insurable
Drafting—2009 ActThe Perpetuities and Accumulations Act 2009 effectively disapplies the rule against perpetuities from future easements granted on or after 6 April 2010, so a draftsman now need not be concerned to specify a perpetuity period. Any restrictions on the exercise of the easement
Contractual damages—non-pecuniary lossesThis Practice Note considers the different categories of contractual damages that may be available for non-financial loss (non-pecuniary loss), ie punitive damages, damages for loss of enjoyment and loss of amenity, restitutionary damages and negotiating
0330 161 1234