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ARTICLE · 07 NOVEMBER 2022

Failure To Meet The Required Standards For FCA Authorisation

Lewis Silkin
Lewis Silkin
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Lewis Silkin

Lewis Silkin

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A recent case serves as a useful reminder to firms seeking FCA authorisation of the paramount importance of positive and timely engagement with the FCA.

United KingdomFinance and Banking
Wendy Saunders
Wendy Saunders
Peter Bates
Peter Bates
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A recent case serves as a useful reminder to firms seeking FCA authorisation of the paramount importance of positive and timely engagement with the FCA.

On 12 September 2022 the Upper Tribunal (Tax and Chancery Chamber) decided that the FCA was entitled to conclude that an application by Przemyslaw Soszynski, a claims management company business trading as "Phenix", to carry on regulated activities under section 55A of Financial Services and Markets Act 2000 ("FSMA") should be refused on the basis that Phenix had not been able to demonstrate that it met the conditions required for authorisation. The decision is notable in its discussions concerning the satisfaction of the FCA's Threshold Conditions and serves as a reminder of the importance of positive and timely engagement with the FCA.

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