The passporting regime ended once the Brexit transition period finished on the 31 December 2020. From that moment, all European Economic Area (EEA) firms that want to continue providing services in the UK 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 had 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) have a maximum of three years after 31 December 2020 to get fully authorised. The FCA began allocating 'landing slots' to these firms in mid-2021.
Applying for regulatory permission is a big step for branches and subsidiaries of EEA firms. Firms need to understand the application process and what information the regulators are asking for. They must, also, assess the impact that these demands and operating under a new regulatory status will have on their business.
Deciding your UK strategy, and how best to execute it, can be confusing. Compliancy Services can assist in a number of different ways:
PREPARE: For a relatively low cost, we can provide a report which assesses your regulatory options, based on your business model and plans. This will include recommendations as to how to progress and identify the resources you will need to have in place to get authorised.
REVIEW: Should you wish to construct your FCA application yourself, we can review before you submit it. We can also support you in responding to any follow up questions from the FCA.
FULL SERVICE: We can provide full project management support for your FCA application from start to finish.
We have successfully managed over 1,100 authorisations and know what the FCA is looking for so can help you avoid pitfalls and delays.
Download FCA Authorisations Guide For EEA Firms
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