Source · Select Committees · Financial Services Regulation Committee
Recommendation 82
82
Under FSMA 2000, any individual or firm seeking to carry out a regulated activity must...
Conclusion
Under FSMA 2000, any individual or firm seeking to carry out a regulated activity must first gain authorisation from the relevant regulator. 136 In doing so, the individual or firm becomes subject to the range of requirements that the relevant regulator considers appropriate. 137 FSMA 2000 requires the FCA and PRA to process complete applications for authorisation, for example to authorise new firms or senior managers, within statutory deadlines 138 (for an overview of the FCA and PRA’s statutory authorisation deadlines, see Appendix 8).
Government Response
A response document is linked to this report, dated 3 September 2025. Response attribution to this conclusion has not been verified. Read the response document ↗