FCA publishes guidance on approach to authorisation
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  • UK Financial Conduct Authority Publishes Its Final Approach to Authorization
    The Financial Conduct Authority has published its final document, entitled "FCA Mission: Approach to Authorisation," explaining the purpose of authorization and the FCA's approach to it. The paper sets out details of the FCA's approach to: (i) evaluating whether firms meet the requisite Threshold Conditions and assessing whether individuals are "fit and proper"; (ii) how the FCA uses authorization to promote competition; and (iii) revoking authorization.

    The final Approach to Authorisation includes a feedback statement to the consultation which ran from December 11, 2017 to March 12, 2018. The FCA notes that it has made clarifications on the following:
    • the assessment of authorization applications for individuals with key roles in solo-regulated and dual-regulated firms;
    • the assessment of drivers of behavior that can create culture likely to cause harm;
    • situations where the FCA may revoke authorization, registration and approval;
    • the role of the Regulatory Decisions Committee;
    • the provision of support to firms to promote competition; and
    • measurement of the FCA's operational performance and the effectiveness of its approach.

    The FCA has also included an improved set of its public commitments to firms.

    View the "FCA Mission: Approach to Authorisation".

    View the FCA's Mission.

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