Q&As

Does my firm have any redress when the FCA is in the middle of considering our authorisation application for taking too long, or in the event that the application is refused?

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Published on LexisPSL on 28/11/2013

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • Does my firm have any redress when the FCA is in the middle of considering our authorisation application for taking too long, or in the event that the application is refused?
  • Application for authorisation process
  • Complaints against the regulator
  • Appealing to the Tribunal

Does my firm have any redress when the FCA is in the middle of considering our authorisation application for taking too long, or in the event that the application is refused?

Application for authorisation process

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

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