As promised, in an attempt to aid new entrants to the market and allow those entrants to better understand FCA as an organisation, FCA has launched its asset management authorisation hub.
The hub provides information on how to become authorised as an asset manager, with useful links to further details on each stage of the application process. FCA has heralded the launch as the start of “phase one” of the hub, which offers new firms weekly pre-application meetings with dedicated case officers, access to a new website portal, and improved support in transitioning newly authorised firms to supervision. One such example of this is a flowchart showing the steps asset managers must take before gaining authorisation.
FCA expects the hub to tackle four 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.
Moving forward, future phases (to be rolled out throughout 2018) will feature open days and surgeries for firms.