UK Financial Conduct Authority Publishes Its Final Approach To Authorization

On November 28, 2018, the FCA 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:

1. the assessment of authorization applications for individuals with key roles in solo-regulated and dual-regulated firms;