FCA Launches New Initiative For Asset Managers Seeking Authorisation

New asset management firms seeking entry to the market will be able to benefit from additional resources and assistance before, during and after the authorisation process, the Financial Conduct Authority (FCA) has announced.

The first phase of the FCA's asset management authorisation 'hub' includes dedicated case managers, weekly pre-application meetings for asset managers and a new web portal. Further resources, including open days for firms, will be introduced next year and surgeries are also planned, according to the regulator.

The initiative will make it easier for new asset management firms to understand how the FCA works, make a complete application for authorisation and then transition from authorisation to supervision, according to the regulator. It will not lower entry standards, and firms applying for authorisation will still need to meet the same rigorous standards as current firms if they are to be successful.