First landing slot announced for firms in TPR
- Posted on: 18 May 2021
- Written by: James Borley
Offering Financial Services In The UK Series
Val Smith, Head of Banking, Payments & Insurance Department, Authorisations Division at the Financial Conduct Authority (FCA) spoke at Compliancy Services’ webinar for EEA firms in February. She told delegates that in July 2021 the first 'landing slot’ would be announced and true to her word some firms have now been advised to submit their application between 1 July and 30 September. It’s not clear which firms are in this or future ‘landing slots’, nor is it clear when the future ‘landing slots’ will be. We would urge firms to get prepared now so that they are ready when their time comes.
Firms in the Temporary Permissions Regime (TPR) that have been assigned to the first ‘landing slot’ received their notification email from the FCA in March. This informed them that they must submit their authorisation application between 1 July and 30 September 2021 using the FCA’s Connect system. Submission before the landing slot opens will result in the application being treated as though it had not been made and late submission will result in the FCA using its powers to cancel a firm’s temporary permission under the Regulations.
The FCA expects all firms to ‘take regulation seriously and plan how they will meet the standards of the regulatory system before they apply’. They also expect firms to be ‘‘ready willing and organised’ to comply, on a continuing basis, with the FCA’s requirements and standards’. Our free ‘Guide to Authorisation’ can help you understand the application process and the key considerations you should be making now in order to meet the FCA’s requirements. It also contains core checklists that will help your firm prepare your application for the FCA, including checklists for meeting the ‘minimum standards’ and being able to demonstrate that you are ‘ready, willing and organised’.
The FCA will not confirm their ‘landing slot’ timetable or how they select firms for the different ‘landing slots’. It is logical to expect that the second cohort will receive their landing slot notifications by email toward the end of June or early in July and be asked to submit their applications between 1 October and 31 December 2021.
We would urge all firms to prepare their applications now so that they are ready when the FCA notify their ‘landing slot’. We know from experience that 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 may have on their business.
Many firms will naturally seek help from specialist consulting firms such as Compliancy Services. Having provided consulting services since 2003, we are highly skilled in supporting firms with their applications and fully understand the authorisation process. To date we have helped over 1,100 firms achieve full authorisation and our team includes ex-FCA regulators that are well versed in the requirements.
Whilst many consultancies will only offer a full application service, Compliancy Services believe in tailoring our service precisely to your requirements. Some firms will choose our full application service, but others may just require that we check and review their application or help them respond to FCA questions.
HOW WE CAN HELP YOU
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 have constructed 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.
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