The UK’s Financial Conduct Authority (FCA) has launched an “authorisation hub” which aims to support start-up firms in the asset management industry.
The aim is to make it easier for firms to understand how the FCA works, make a complete submission, and move from the authorisation to supervision regime.
It will offer new firms pre-application meetings, dedicated case officers and access to a new website portal.
The FCA claims that the new hub will not lower entry standards to the market and entrants will need to meet the same rigorous standards as current firms before they receive authorisation.
Megan Butler, the FCA’s executive director of supervision, said: “We want to aid new entrants to the market and the hub will help new firms understand us better as an organisation.”
The FCA currently regulates more than 3,000 asset managers and approved 300 new firms in 2016.
Further phases of the hub will be rolled out throughout 2018 and will feature open days and surgeries for firms.
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