Context
The FCA has published a speech given by Sheree Howard at the FCA’s Gateway to growth, Chicago Booth London Conference Centre, in which she outlines the FCA’s efforts and plans for easing authorisation application times and processes, and admits to using generative AI to “sift through large volumes of unstructured application text”.
Key points to note and next actions
- The FCA is ‘open for business’ and actively welcomes applications from firms looking to take part in the UK market. The FCA is moving quickly whilst maintaining high standards – which “…are non-negotiable…”, and is exploring ways to speed up the process even further.
- The FCA encourages firms to use its services so it can support them in creating a stronger application and moving through the authorisations process more quickly and confidently. The FCA’s gateway, though, cannot be a barrier to growth.
- Howard states that the FCA is working hard to handle the scale and complexity of the authorisations journey while maintaining high standards – without adding time and frustration. Some firms who have been through any form of authorisation or approval journey may disagree with the statement about adding time and frustration.
- The FCA is also working with HMT to develop a provisional licence regime. It will give firms time-limited permissions to operate in a controlled environment and under strong regulatory oversight as they work to meet the full Threshold Conditions within 18 months.