FCA and PRA authorisation under Part 4A of FSMA 2000

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

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 of consumer credit firms

  2. Authorisation, registration, variation and cancellation of electronic money institutions

For information on the authorisation process under the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD), as implemented in the UK, see Practice Note: AIFMD—essentials. For information on the authorisation process under the Insurance Distribution Directive (EU) 2016/97 (IDD), as implemented in the UK, see Practice Note: Insurance Distribution Directive (IDD)—scope, registration, passporting and sanctions — Registration requirements.

Special rules apply to the regulated activity of administering a benchmark (as specified

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