The Financial Conduct Authority (FCA) plays a crucial role in maintaining the integrity of the financial services industry in the UK. Any business looking to provide regulated financial products and services must undergo the authorisation process, which involves completing application forms. While this process is essential to ensure consumer safety and market stability, the FCA acknowledges that it can be complex and time-consuming. That’s why the regulator is focused on streamlining and digitising the application process, beginning with Form A.
The FCA assesses thousands of applications annually, making the authorisation process a vital gateway to ensure firms are suitable and competent before granting them approval. This process is at the heart of the FCA’s commitment to maintaining high standards, protecting consumers, and supporting the growth and competitiveness of the UK’s financial sector.
Changes to the application process
Form A is one of the most frequently used application forms, particularly for Senior Management Functions and Controlled Functions. With over 15,000 applications received in a single year, it’s a critical piece of the puzzle. The FCA has already begun the rollout of improvements to Form A based on user testing and feedback, making assessments and determinations faster.
The goal is to reduce the overall number of forms, simplifying language, improving accessibility, and offering better guidance. Many data requests have been identified as duplicative, and the FCA plans to save both time and effort by prepopulating data it already holds.
The implementation of new technology means that form changes can be made quickly, enhancing the FCA’s ability to respond to feedback and emerging market risks. These changes build on earlier improvements, including increased staffing and system automation, to expedite application processing times.
How Neopay Can Help
At Neopay, we understand the importance of a seamless authorisation process. Our expert consultants can assist you in collating application support documentation, completing application forms, and guiding you through the submission process. We recognise that a well-prepared application is key to avoiding delays and ensuring a smooth authorisation journey. Contact us to discover how we can support your firm in enhancing your application process and meeting regulatory standards.