UK Financial Conduct Authority Publishes Its Final Approach to Authorization

The Financial Conduct Authority has published its final document, entitled "FCA Mission: Approach to Authorisation," explaining the purpose of authorization and the FCA's approach to it. The paper sets out details of the FCA's approach to: (i) evaluating whether firms meet the requisite Threshold Conditions and assessing whether individuals are "fit and proper"; (ii) how the FCA uses authorization to promote competition; and (iii) revoking authorization.

The final Approach to Authorisation includes a feedback statement to the consultation which ran from December 11, 2017 to March 12, 2018. The FCA notes that it has made clarifications on the following:

• the assessment of authorization applications for individuals with key roles in solo-regulated and dual-regulated firms;
• the assessment of drivers of behavior that can create culture likely to cause harm;
• situations where the FCA may revoke authorization, registration and approval;
• the role of the Regulatory Decisions Committee;
• the provision of support to firms to promote competition; and
• measurement of the FCA's operational performance and the effectiveness of its approach.

The FCA has also included an improved set of its public commitments to firms.

View the "FCA Mission: Approach to Authorisation".

View the FCA's Mission.