| Link(s): | Change of Control | FCA |
Context
The FCA has updated its ‘change in control’ webpage.
Key points to note
- The update states that, given recent delays in allocating notifications, the FCA has recruited additional case officers. Currently, there is a delay of approximately one and a half months between submission of a complete notification and allocation to a case officer.
- Notifications will be allocated as soon as a case officer becomes available and the FCA highlights that it is a criminal offence to proceed with acquiring or increasing control in an authorised firm or its parent undertaking before requesting and receiving approval for the transaction.
- In order to avoid delays in processing notifications, the FCA stresses the importance that notifications are complete prior to submission and recommends that firms provide all relevant information and documents in the initial notification.
Next actions
None – for information and awareness.