FCA launches new support for firms applying for authorisation

Today marks the start of phase one of the hub which will offer new firms pre-application meetings, dedicated case officers and access to the new website portal.

Future phases will feature open days and surgeries for firms and will be rolled out throughout 2018.

The system is based on four principal objectives: to clarify expectations, to make information easier to access, to foster better engagement between the FCA and new entrants, and to provide end-to-end support for firms moving through the start-up cycle.

The FCA currently regulates more than 3,000 asset managers and approved 300 new firms in 2016.

Megan Butler, Executive Director of Supervision – Investment, Wholesale and Specialists, said: “The asset management sector is important for the UK economy.

“We want to aid new entrants to the market and the hub will help new firms understand us better as an organisation.”