Context
The FCA updated its webpage on ‘Submit a change in control notification’.
Key points to note
- The FCA has seen a significant increase in section 178 notifications. Due to these high volumes, there have been delays in allocating FCA-led notifications to case officers.
- Currently, there is a delay of approximately two months between submission of a complete notification and allocation to a case officer.
- According to the FCA, a substantial proportion of the notifications it receives are incomplete and processing incomplete applications takes much longer. Therefore, it recommends that all relevant information and documents are provided in the initial submission.
- The only date by which the FCA can guarantee a decision is the end of the statutory assessment period, which is 60 working days from the date it acknowledges a notification as complete. This can be extended by up to 30 working days if the assessment period is interrupted to request clarifying information.
Next actions
We have included this item for information and awareness but any firm who has submitted, or is likely to submit in the near future, a Change in Control notification should expect the delay as mentioned above. Firms considering submitting such a notification can ask us for assistance in preparing a complete application.