If your firm needs to be authorised by us, or registered with us, learn about the process, our expectations and how to apply.
This page is for firms seeking authorisation under the Financial Services and Markets Act (FSMA), and/or authorisation/registration under the Payment Services Regulations 2017 (PSRs) or Electronic Money Regulations 2011 (EMRs). There’s a separate page if you want to register with us as a cryptoasset business.
Please read this page in full. We know there’s a lot to take in but it’s important that you understand all the stages of getting authorised.
You’ll need to read this page alongside the specific information for your type of firm or business model:
- Go to the authorisation homepage
- Select the relevant page for your type of firm
- Use this information when preparing your application
Being ready, willing and organised
We expect you to take regulation seriously. This means that when you submit your application, we expect you to be ready, willing and organised to comply with:
- Our current rules and guidance on an ongoing basis, and
- Any rules we introduce in the future
Demonstrate to us that you’ve prepared before submitting your application. This includes reading information on our website or contacting us if you have an enquiry
We expect all documents to be final versions that have been reviewed thoroughly and appropriately signed off before you submit them. We won’t review draft documents.
You should also consider seeking legal/compliance advice, and be ready to clearly articulate your regulatory obligations.
You must have the necessary arrangements and supporting documentation in place to comply with regulations from the day you’re authorised.
We’ll consider why you’re applying now, and if we were to authorise you today, whether you would be able to carry out the activity you’ve applied for or there’s still something that needs to be addressed.
We’ll consider how you interact with us during the authorisation process. We want to be confident that you’ll be open and honest in all your dealings with us.
If we ask for more information, you need to be proactive in getting this to us – for example, making your staff available to deal with our queries promptly.
We understand that you may need to make changes to your application after submitting it, but you still need to demonstrate that you’re ready – you can’t submit a poor application and then claim that you’re willing, with our help, to address any deficiencies.
The application process
You’ll need to submit your application on our Connect system. The first thing to do is register.
If your application is complete, we’ll usually assess it within:
- 6 months if you’re a FSMA firm
- 3 months if you’re a payments or e-money firm
You’re unlikely to get authorised/registered straight away. We usually have questions or seek clarification, so please allow time for this. If your application isn’t complete, it could take up to 12 months.
You’ll also have to pay an application fee.
What to know before submitting your application
You have to demonstrate that you can and will:
- Comply with our principles of business
- Comply with the relevant rules in our Handbook
- Meet our minimum standards at all times
- For FSMA firms, we refer to these standards as our threshold conditions
- For payments and e-money firms, we set out our expectations in our approach document (which links to the requirements in the PSRs and EMRs)
The relevant page for your type of firm will also have specific information – for example, which forms you need to complete and what to include in your business plan.
Our Consumer Duty sets higher and clearer standards of consumer protection across financial services and requires firms to put their customers’ needs first.
You’ll need to show us that you can meet the Consumer Duty, if you’re in scope.
Trading names There are things you should and shouldn’t do when registering a trading name that’s different to your company name.
Read more about trading names.
Sensitive business names
If the name of your business contains certain sensitive words related to financial services (eg bank, fund), you’ll need to get a view from us and consent from a Secretary of State (via Companies House).
Refer to the list of these terms and find out how to request a view from us.
You must fully disclose to us any information that we ask for. We take this very seriously and might refuse your application if we find out that you have deliberately withheld, or provided false or incomplete, information.
If in doubt, it’s better to disclose information than withhold it.
Top 3 tips to avoid delays
Doing these things will help your application go as quickly and smoothly as possible.
Remember to include everything
Make sure your application has no incomplete or missing forms, sign them where specified and provide passwords for any protected files. Check you’ve filled important positions (eg compliance officer), and thoroughly prepare your firm’s financial information. It’s also important to demonstrate that the technology or systems you’ll be using are ready to carry out the applied-for regulated activities.
Be as clear as possible
Your business model shouldn’t be generic. It needs to explain your firm’s specific activities and how they align with the permissions you’re applying for. In general, giving more detail is better than less. Eg if some of your firm’s controlled function holders are overseas, explain how they’ll carry out their functions at a distance.
Meet our standards at all times
It’s essential that you identify conflicts of interest and explain how you intend to manage or mitigate them. You must be open and co-operative with us and provide responses within the requested dates. This includes setting out what compliance arrangements you’ve put in place to meet your firm’s ongoing regulatory obligations.
After submitting your application
We’ll assign a case officer to assess your application. They will:
- Assess whether your business meets, and will continue to meet, our minimum standards
- Check your application against information held by other regulatory agencies in the UK or overseas
- Make a decision on your application
You should expect to hear from your case officer throughout the application process. They will usually have follow-up questions and may ask for further documentation or want to meet with you.
You can track the progress of your application in Connect, and will have the opportunity to correct mistakes or gaps. However, if you make substantive changes which indicate that you’re not ready, willing and organised, we may ask you to withdraw your application and reapply.
Our commitments to you
We know that when you apply to us, we ask for lots of detailed information about your business. In return, we offer you a set of commitments.
These commitments cover every type of application. They apply until we make a decision about your application, and we aim to meet them consistently.
Demonstrate to us that you’ve prepared before submitting your application. This includes reading information on our website or contacting us if you have an enquiry
We expect all documents to be final versions that have been reviewed thoroughly and appropriately signed off before you submit them. We won’t review draft documents.
You should also consider seeking legal/compliance advice, and be ready to clearly articulate your regulatory obligations.
You must have the necessary arrangements and supporting documentation in place to comply with regulations from the day you’re authorised.
We’ll consider why you’re applying now, and if we were to authorise you today, whether you would be able to carry out the activity you’ve applied for or there’s still something that needs to be addressed.
We’ll consider how you interact with us during the authorisation process. We want to be confident that you’ll be open and honest in all your dealings with us.
If we ask for more information, you need to be proactive in getting this to us – for example, making your staff available to deal with our queries promptly.
We understand that you may need to make changes to your application after submitting it, but you still need to demonstrate that you’re ready – you can’t submit a poor application and then claim that you’re willing, with our help, to address any deficiencies.
The application process
You’ll need to submit your application on our Connect system. The first thing to do is register.
If your application is complete, we’ll usually assess it within:
- 6 months if you’re a FSMA firm
- 3 months if you’re a payments or e-money firm
You’re unlikely to get authorised/registered straight away. We usually have questions or seek clarification, so please allow time for this. If your application isn’t complete, it could take up to 12 months.
You’ll also have to pay an application fee.
What to know before submitting your application
You have to demonstrate that you can and will:
- Comply with our principles of business
- Comply with the relevant rules in our Handbook
- Meet our minimum standards at all times
- For FSMA firms, we refer to these standards as our threshold conditions
- For payments and e-money firms, we set out our expectations in our approach document (which links to the requirements in the PSRs and EMRs)
The relevant page for your type of firm will also have specific information – for example, which forms you need to complete and what to include in your business plan.
Our commitments
We’ll acknowledge your application within:
- 3 working days – FSMA firms
- 5 working days – e-money firms
- 7 working days – payments firms or registered account information service providers (RAISPs)
We’ll also:
- Contact you again within 3 weeks – normally to introduce you to your case officer, or tell you when we’ll assign one to your application
- Acknowledge all other communications from you within 2 working days of receiving them (this may be an automated response)
- Usually respond to a query within 10 working days of receiving it – and if this is not possible, we’ll reply within the 10 days to tell you when you’ll receive a fuller response
- Give you clear deadlines when we ask you to send us additional information
- Update you on the current status of your case at least monthly and often more frequently – we’ll also notify you within a week once your application is considered complete, and indicate when your application is likely to be decided
If you feel that we’re not meeting these commitments, you can ask your case officer for the name of their manager who will ensure the matter is dealt with appropriately.
Successful applications
If we approve your application, these are the next steps.
1. We add you to the Financial Services Register
Upon authorisation or registration, you’re automatically added to our Financial Services Register. We’ll give you a Firm Reference Number (FRN) that uniquely identifies your firm, and if applicable Product Reference Numbers (PRNs) that uniquely identify funds.
2. We write to you
We’ll write to you confirming your authorisation/registration. We’ll confirm which regulated activities you have permission to carry out, when your permission starts and which requirements or limitations you’ve requested and/or we’ve decided to put in place.
3. You have some things to do next
Refer to our page with useful information for newly authorised firms. This includes links to the main systems you’ll need to use and topics you need to be familiar with.
There are other things you may need to do once you’re authorised or registered, like change your firm details or vary your permissions. There’s a full list on the authorisation homepage.
4. We may be in touch to offer extra support
Our Early and High Growth Oversight team provides closer supervision and support to certain newly authorised firms and firms focused on growth or scaling innovative technology. You don’t need to apply to be part of Early and High Growth Oversight – we’ll contact you directly if you’re included.
You can also contact us whenever you need our assistance.
Unsuccessful applications
We’ll reject your submission without assessing it if you don’t provide the minimum information we ask for.
If this happens, we’ll explain the reason(s) and refund your application fee.
You can resubmit an application, containing all the relevant information, at any time.
You can decide to withdraw your application at any time during the authorisation process.
Common reasons for doing this are:
- not being ready, willing and organised to demonstrate that you meet the required standards when your application is submitted
- needing time to address our concerns, or produce or gather missing information
- understanding that authorisation is likely to be refused
If you withdraw your application, your application fee won’t be refunded. However, it’s possible to make another application after an application has been withdrawn.
Many firms choose to withdraw their applications and reapply once they’ve addressed the feedback from their case officer.
If we think that your application doesn’t meet the standard for authorisation or registration, we’ll refuse it and your application fee won’t be refunded.
We’ll send you a warning notice and, if you don’t agree with our decision, you can make representations to the FCA decision maker.
Unless we change our decision, we’ll then usually publish our reasons for refusal in the form of a decision notice or final notice.
There’s more about our refusal process in our Handbook.