| Link(s): | Change in Control | FCA |
Context
The Financial Conduct Authority (FCA) has provided an update regarding change in control applications within its change in control webpage.
Key points to note
The FCA has noted that it has been experiencing delays in allocating notifications to case officers in recent months, with current allocations to case officers taking up to 4 weeks. The FCA will allocate the notifications as soon as a case officer becomes available, and then confirm whether it is complete as soon as possible.
Further, the FCA notes 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 (or before the statutory assessment period has expired). Firms are also reminded that, to avoid delays, all relevant information and documents need to be provided in their initial submission.
Next actions
None – for information and awareness.