EEA Firms: Are You Ready, Willing, and Organised?

  • Posted on: 15 April 2021
  • Written by: James Borley

Offering Financial Services In The UK Series

Compliancy Services' Guide 'Offering Financial Services In The UK' has been published to help European Economic Area (EEA) firms that want to access the UK market understand the process to become authorised by the Financial Conduct Authority (FCA) and for some firms, such as banks and insurance companies, additionally the Prudential Regulation Authority (PRA). 

This series of four articles are as relevant to firms in the FCA's Temporary Permissions Regime (TPR) as they are to EEA firms that want to access the UK market for the first time, or those firms which inadvertently missed the TPR deadline and are now in the Supervised Run-Off Framework.

In this article we consider whether your firm is ready to submit its application. The article is an extract from our 'Step-By-Step Guide To Obtaining Authorisation' which has been specifically published for EEA firms and it can be downloaded now, free of charge.

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ARE YOU READY, WILLING AND ORGANISED?

Firms in the TPR are likely to have a different application form to complete. This is expected to closely resemble current FCA and PRA application packs. Given that the content of the application forms are largely derived from ‘Regulatory Technical Standards’ or ‘Guidelines’ under European single market directives, the content is expected to be familiar to EEA firms.

For your firm to be able to submit an application, the regulator wants to see that your firm is ‘ready, willing and organised’ and that it
will meet the ‘minimum standards’ the regulator demands at the point of authorisation and on an ongoing basis thereafter. The reality of the ‘ready, willing and organised’ language is that firms must be ready to go in all aspects.

Clear information relating to all the ‘ready, willing and organised’ elements should be present in your firm’s application when it is submitted to the FCA. To obtain a checklist for 'ready. willing and organised' and the 'minimum standard' download our guide now. 

THE ARTICLES IN THE SERIES

A STEP-BY-STEP GUIDE

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, as well as the impact that those demands, and how operating under a new status will affect their business goals and day-to-day operations.

Our Guide provides answers to some of the fundamental questions that firms will have as they set out on this journey. The hope is that the guide will enable EEA firms to better understand the application process, and help foster dialogue about how to proceed. Download our free guide today.

Download Guide

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