The following Financial Services guidance note provides comprehensive and up to date legal information covering:
This Practice Note highlights some of the issues firms need to think about and address while preparing to apply for authorisation to carry on Prudential Regulatory Authority (PRA) regulated activities.
As a preliminary measure, firms need to establish whether their proposed business requires authorisation to carry on regulated activities. All firms carrying out regulated activities by way of business need to be authorised. For guidance on what constitutes a 'regulated activity' see Practice Note: What are regulated activities?
The PRA regulated activities are listed in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 and therefore firms wishing to carry on one or more of the activities listed, are required to apply to the PRA for authorisation to do so. Firms that seeks authorisation to carry on regulated activities other than accepting deposits, effecting or carrying out contracts of insurance, or managing the underwriting capacity of a Lloyd’s syndicate as a managing agent at Lloyd’s, should apply to the Financial Conduct Authority (FCA) to do so. For guidance on how to prepare for FCA authorisation see Practice Note: Financial Conduct Authority—preparing for authorisation.
The authorisation process involves much more than just filling in forms. Firms seeking Part 4A permission need to prepare well in advance in
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