FCA quarterly consultation plans criminal background checks

FCA’s most recent quarterly consultation  includes proposals on:

  • carrying on criminal background checks on owners and controllers at the authorisation gateway. The FCA currently conducts these checks using a risk based approach, but in line with FATF recommendations, the FCA and the PRA now propose to require controllers and beneficial owners to get DBS checks and provide them on request when relevant firms are applying for authorisation and for change in control applications. The requirement will also apply to qualifying holdings in e-money and payment services firms, and those applying to the FCA for registration under the MLRs. The FCA proposes to apply the requirement for all applications and notifications submitted from January 2025 onwards;
  • changes to reflect non-Handbook guidance for prudential assessment of acquisitions and increases in control;
  • clarifications to COLL on application of requirements to sub-funds of umbrella funds;
  • removing expired EU terms;
  • removing references to LTIFs; and
  • reflecting changes to MiFID and MiFIR requirements.

FCA asks for comments by 12 August.


Emma Radmore