Following a successful pilot, FCA are expanding their Early and High Growth Oversight initiative, to provide targeted support for 300 newly authorised firms by the end of 2023. FCA will provide enhanced supervision for firms as they get used to their regulatory status and support them to understand what is expected of them as they grow.
Over 2022 to 2023, Early and High Growth Oversight will take in up to 300 newly authorised firms. FCA will contact eligible firms directly if they are included.
The initiative should help
- newly authorised firms to identify harm or misconduct swiftly;
- raise awareness of the high standards from the start;
- increase market confidence;
- improve financial resilience over the longer term;
- promote better competition in the financial sector; and
- foster a better relationship between the FCA and the firms.