The following Financial Services guidance note Produced in partnership with John Ahern of Jones Day provides comprehensive and up to date legal information covering:
All Financial Conduct Authority (FCA) authorised firms are required to maintain a set of minimum standards in order to become and remain authorised. These standards are referred to as the 'threshold conditions'. The threshold conditions are set out at Schedule 6 to the Financial Services and Markets Act 2000 (FSMA 2000). This was amended by the Financial Services and Markets Act 2000 (Threshold Conditions) Order 2013, SI 2013/555. The FCA expects firms and those seeking authorisation to satisfy these conditions both on being granted authorisation for the first time and on a continuing basis afterwards.
Changes made to the Financial Services and Markets Act 2000 (FSMA 2000) by the Financial Services Act 2012 (FSA 2012) came into place on 1 April 2013. FSMA 2000, s 55C, as inserted by FSA 2012, s 11(2), provides that HM Treasury may by order amend FSMA 2000, Sch 6, Pts 1 and 2 by altering, adding or repealing provisions, or by substituting for those Parts as they have effect for the time being, according to the provisions specified in the order. This is the Financial Services and Markets Act 2000 (Threshold Conditions) Order 2013, SI 2013/555.
Pursuant to FSMA 2000, s 137O (as inserted by FSA 2012, s 24), the FCA may make rules supplementing any of the conditions for the time being set
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. 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
Take a free trial
Take a free trial
0330 161 1234