20/10/2017
Online assistance with authorisation for new asset management firms (UK)
New asset management firms preparing to apply for authorisation are now able to obtain assistance online from a new Asset Management Authorisation Hub launched by the Financial Conduct Authority to aid new entrants to the market and help them understand the FCA better as an organisation.
Phase 1 of ‘Asset managers and authorisation’ is offering new firms pre-applications meetings, dedicated case officers and access to the new website portal. Further phases featuring open days and surgeries will be added in 2018 to equip the hub to support new entrants before, during and after authorisation.
The FCA currently regulates more than 3,000 asset managers and approved 300 new firms in 2016. It developed the hub to achieve 4 principal objectives
- to clarify expectations – and support firms with better guidance on regulations and processes
- to make information easier to access via a dedicated portal for investment managers on the FCA’s website
- to foster better engagement between the FCA and new entrants
- to provide end-to-end support for firms moving through the start-up cycle
While firms using it will need to meet the same rigorous standards as current firms to achieve authorisation, the hub will make it easier for them to make a complete submission and achieve the transition from the FCA’s authorisation regime to its supervisory regime.
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