Following a consultation last year, the FCA has published the ‘FCA Mission: Approach to Authorisation’ and feedback statement.
This document includes reference to the introduction of a new range of tools to help firms submit complete authorisation applications. This should minimise the risk that submitted applications will be deemed incomplete and the time for assessment therefore extended. These tools include more accessible information on the FCA website about the authorisation process, and more digital forms.
The FCA is also exploring potential online systems to help firms understand whether they need to be authorised, and if so which permission is required.
However the FCA also says that, in the light of this enhanced pre-application support, if applicants do not meet the minimum standards that they expect of firms, rather than working with them over extended periods to help them to do so, such applications may be rejected outright.