Emma RadmoreFCA has published its new “approach document” setting out how it assesses international firms needing authorisation. The document follows FCA’s September consultation and is aimed at overseas firms that need authorisation but who are not required to be incorporated in the UK (payment services providers, e-money issuers, depositaries, trustees and managers and AIFMs must all either be incorporated in the UK or have their registered office in the UK).
The document explains how FCA will assess applications against its minimum standards for authorisation, which it will do on a case by case basis but, in principle, the guidance confirms that a UK establishment will be required and, in general FCA sees more risk of harm from firms operating through branches or from overseas. The guidance sets out FCA’s high level expectations and how it will assess applications.
