Any individual or firm engaged in the provision of financial services must be authorised to do so by the Financial Conduct Authority (FCA).  To gain approval to conduct regulated activities, individuals and firms must submit a detailed application to the FCA setting out their suitability for the position. The FCA will then assess the applicant against standards of competence and capability, integrity and reputation before making a decision on the application. A failed application can have far reaching consequences for individuals and businesses, essentially shutting them out of the entire sector.

How we can help

Our FCA lawyers regularly represent individuals who have faced difficulties in gaining approval from the FCA to conduct regulated activities. We have assisted individuals and businesses in dealing with objections and queries from the regulator, spanning the full range from concerns about an individual’s competence and capability to perform an authorised function, to allegations in respect of their honesty, integrity and reputation.

We have worked to address any issues that cause the regulator to question an application and have resolved those matters quickly and amicably. For those applications that have been rejected, we have pursued applications through appeals to the FCA’s Regulatory Transactions Committee and the Regulatory Decisions Committee. Furthermore, where the FCA’s own conduct has fallen below the standards required of it, particularly where an application has not been processed within the statutory timeframe, we have successfully pursued complaints to the Financial Ombudsman leading to compensation for our client.