The passporting regime will end once the Brexit transition period ends on the 31 December 2020. From that moment, all European Economic Area (EEA) firms that want to continue providing services in the UK will need to either be authorised by the Financial Conduct Authority (FCA) or registered under the Temporary Permissions Regime (TPR).
If your chosen route was TPR, then the following will apply:
Payment and e-money institutions will need to send a 'notice of intention' to the FCA by 31 December 2021 to apply for authorisation or registration in the case of Registered Account Information Service Providers (RAISP)
All other firms that will be subject to the Financial Services and Markets Act (FSMA) will have a maximum of three years after 31 December 2020 to get fully authorised
This may seem like plenty of time, however, seeking assistance with your authorisation application sooner rather than later could provide your firm with a competitive advantage over those that choose to delay. We can help you get ahead by:
Providing you with a dedicated senior consultant who will tailor our service and team to your business, objectives and requirements
Advising you on the process and requirements before, during and after the application
Managing the whole or part of process as you require, from document preparation to the online application and answering any questions along the way
Preparing your Regulatory Business Plan, Compliance Monitoring Programme and any other relevant policy and procedure documents required for authorisation
- Helping you to communicate with the FCA and understand relevant UK regulatory terminology
The authorisation process isn't straight forward. We have successfully managed over 1,100 authorisations and know what the FCA is looking for so can help you avoid pitfalls and delays.
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