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Today, HM Treasury published a response to its consultation on cross-cutting reforms to the regulatory environment.
In the response, HM Treasury confirms that it will amend the Financial Services and Markets Act 2000 (FSMA) to set shorter statutory deadlines for determining applications for new firm authorisations, variations of permissions, and senior manager approvals.
When asked what single regulatory change the UK could make to improve competitiveness and encourage growth, I often respond that improving the application process would be a good start. However, more work needs to be done to ensure that the FCA is appropriately staffed and that its expectations for applicants are proportionate, clear, and consistent.
In this vein, I would also encourage the FCA and HM Treasury to make amendments to the change of control process to make it more proportionate and business-friendly.
About the author(s)
Guy leads the financial regulatory practice in London. He advises clients across a broad spectrum of regulatory and financial crime matters, with particular expertise in retail financial services. His practice spans areas such as payments, lending, cryptoassets, insurance distribution, investment activities, and financial crime compliance.