FCA and PRA authorisation under Part 4A of FSMA 2000
Published by a LexisPSL Financial Services expert

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • FCA and PRA authorisation under Part 4A of FSMA 2000
  • The regulatory structure
  • Part 4A permission
  • What is authorisation and what does it involve?
  • Senior Managers and Certification Regime (SM&CR)
  • The difference between authorisation and registration
  • Appointed representatives
  • Minimum standards for authorisation
  • Applications for permission
  • The application process
  • More...

FCA and PRA authorisation under Part 4A of FSMA 2000

STOP PRESS: FCA Policy Statement PS21/16 set out reforms to the FCA’s decision-making process, moving some decision making from the Regulatory Decisions Committee (RDC) to FCA senior managers. The new rules came into force on 26 November 2021. This Practice Note will be updated shortly to reflect this development. For further information, see: FCA says changes to its decision-making processes will speed up decisions on consumer harm, LNB News 26/11/2021 30 and News Analysis: The ups and downs of the FCA’s streamlining plan.

According to provisions in Part 4A of the Financial Services and Markets Act 2000 (FSMA 2000), any firm (whether a business, a not-for-profit or a sole trader) carrying out one or more regulated activities in the UK must be authorised or registered by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA). Banks, credit unions, insurers and managing agents of a Lloyd’s syndicate need to apply to the PRA for authorisation. Firms seeking authorisation to carry out any other activities must apply to the FCA. This Practice Note explains the FCA and PRA authorisation process under Part 4A of FSMA 2000. It does not describe the FCA's authorisation and registration process in relation to consumer credit, payment services and electronic money institutions, which is covered in the following Practice Notes:

  1. FCA authorisation

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