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FCA warns “no change of control without approval”

FCA has updated its website to highlight the consequences of the significant increase in change in control notifications it is currently receiving.  It is currently taking around 2 months for FCA to allocate a case officer. Applicants will not know whether FCA considers their application complete until the case officer has reviewed it.

FCA warns that it is receiving high numbers of incomplete notifications – meaning that FCA has longer to process the application than a complete notification. It urges applicants to provide all relevant information and documents in the initial submission to avoid delays, but stresses that is is a criminal offence to proceed with the transaction before FCA has made a decision (or before the statutory notice period has expired).

FCA is recruiting more case officers and making improvements to try to improve the time it takes to get a case officer.  But, as it stands, applications can easily be two months into the three month “complete” notification period before FCA will confirm whether it regards the application as complete.

Emma Radmore