FCA updates guidance on consumer investment firm applications

FCA has created a new page on its website aimed at consumer investment firms applying for authorisation. The page:

  • explains what FCA means by a consumer investment firm;
  • explains the threshold conditions and process for application;
  • stresses the need for SMF16 and 17 holders to understand the basis on which FCA will assess it, noting that past industry experience will not be enough of itself to satisfy FCA of competency to hold the position;
  • explains FCA’s concerns about phoenixing in the sector and how it is unlikely to consider any individual seeking to phoenix to be fit and proper;
  • gives guidance on preparation of the Regulatory Business Plan and required forms for MiFID and non-MiFID applications; and
  • explains its pre-application support service.

Emma Radmore