demonstrating initiative to understand their regulatory duties.

being proactive about getting information to us.

being open and honest in all their dealings with us.

being able to clearly articulate their regulatory obligationsĪuthorisations will consider the attitude of the applicant during the authorisations process.

When we consider the extent to which a firm has planned ahead we ask ourselves whether the applicant is: ReadyĪuthorisations will consider what the applicant has done when preparing to submit their application. We expect firms to take regulation seriously and plan how they will meet the standards of the regulatory system before they apply. What being ready, willing and organised means This is important: authorised firms must be ready, willing and organised to comply with our rules and requirements at all times. When we receive your application and throughout our assessment of it, we will consider whether you are ready, willing and organised to comply, on a continuing basis, with the requirements and standards under the regulatory system. You will also have to pay an application fee. This takes up to 6 months if your application is complete but could take up to 12 months if your application is not complete.

You’ll have to apply to us (or, if you’re dual-regulated, to the PRA) for authorisation.

Any firm (whether a business, a not-for-profit or a sole trader) carrying out a regulated activity must be authorised or registered by us, unless they are exempt.īanks, credit unions and insurance companies are regulated by us and the Bank of England’s Prudential Regulation Authority (PRA). According to provisions made under the Financial Services and Markets Act (FSMA) 2000, financial activities have to be regulated by the FCA.

How do i register to take the act s