Once you have submitted your application for FCA Authorisation the process does not come to a close. Instead the application will go into a review process that can last for six months or longer. Here is an overview of what you can expect during the review process.
The FCA Acknowledges Your Application
Within a few days of submission, the FCA confirms receipt of the application and assigns a case officer. From that date the application is deemed to be under assessment and the clock is started. It is therefore critical that all supporting documentation is in place at the point of submission.
Expect Information Requests
The FCA will also request further information regarding your business, financial projections and other fit and proper matters. It is vital that you deal with these inquiries promptly and provide answers in writing.. See also www.adempi.co.uk/fca-authorisation for more on FCA Authorisation.
The Interview or Decision Stage
This interview will be with the case officer and then the file sent to the Decision Maker.in advance of the interview to ensure you are able to provide accurate and evidenced answers.
If the Outcome Is Conditional or Refused
A refusal of authorisation is not the end of the matter and in many cases a review can be requested. Adempi provides relevant guidance on this.
Staying organised and responsive throughout makes a real difference to how the review goes.