Frequently asked questions

You will need to complete the appropriate application pack. We have different types of application packs for the different types of firms we regulate.

If you are using 'build your own application pack', you will download the forms directly from that web page. Downloadable versions can be obtained by following the links from the table to the appropriate authorisation application pack's web page.

Paper versions of the Change of Legal Status application pack and the Credit Union application pack are available by contacting the Publications helpline on 0845 608 2372.

Paper versions of the Standard pack are available by contacting our Firm Contact Centre 0845 606 9966 (call rates may vary).

There is a charge for hard copies.

Queries about completing the application packs should be directed to:

Firm Contact Centre
Tel: 0845 606 9966

Although you can ask a professional person to fill in the application form on your behalf, we expect you to remain closely and actively involved in the application. And we will hold you (not the professional adviser) responsible for the accuracy of, and any omission of, information in the application form completed on your behalf.

Please send the authorisation application, with the appropriate authorisation fee to:

Authorisations Department
Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS

We have tried to make the forms as straightforward as possible for firms to complete. You should not need to hire a compliance consultant to help you, although that is, of course, your choice. If you do need help while completing the form, you can contact the Authorisations Helpline on 020 7066 3954.

We have developed different types of application packs for the different types of firms that we regulate. There is FSA guidance to help you complete these application forms.

As well as the core application form, you will have to complete at least one other form, which gives us details of the individual(s) in your firm for whom you will be applying for approved person status. (You will need to complete a separate form for each individual.)

The application form will ask you for financial and non-financial information about your firm and the people applying for approved person status.

After we have received your application we may contact you for additional material to help us decide whether to grant you authorisation and/or approval of the individuals you have applied for or to check information you have given us.

First, you should look at the Threshold Conditions (the minimum requirements you must fulfil under the Financial Services and Markets Act) and see whether you are able to meet and to continue to meet these conditions. You can find the Threshold Conditions and details of what else you need to do before you apply in our information guide Applying for authorisation [PDF] on our website.

We process most applications well within the statutory standards which are set out in the Financial Services and Markets Act*. Our service standards are published on our website and, periodically, so is our performance against them. Our current performance is shown on the Service Standards - Authorisation page. Generally speaking, a straightforward application takes between two and three months.

*It states that we have six months from when we receive a completed application to make our decision and the earlier of (a) 12 months from receipt of an incomplete application; or (b) six months from when an application which was incomplete becomes complete. (An application is incomplete if information or documents required to be submitted as part of the application pack are not provided.)

Once we receive an application we will allocate it to a case officer. We will tell you who this is when we acknowledge receiving your application form. The case officer will then review the application form and contact you if he/she has any questions or needs you to supply any additional information in support of your application.

You can find information regarding the authorisation process in our information guide Applying for authorisation [PDF] on our website. There are also other factsheets available on the website.

We aim to work with all applicant firms to resolve any issues, but there are occasions when we are minded to refuse an application. If we are proposing to refuse your application, we will advise you on what grounds we are preparing to refuse your application in a Warning Notice. And you will be entitled to make written and/or oral representations to our Regulatory Decisions Committee (RDC) about that proposed decision. The RDC must consider any representations before it decides to either give you a Decision Notice refusing the application or to grant your application.

Shortly after you have sent us your application, you will receive an acknowledgement. If we think the application is incomplete, we shall request any clarification or further documents from you. Once we have enough information to assess whether or not the applicant satisfies the Threshold Conditions (these are set out in the part of the FSA Handbook entitled ‘Threshold Conditions’), the application will be determined. We will write to you when we have decided on the application.

The authorisation fee is a one-off non refundable fee towards our costs of processing the application. The amount will depend on whether the application is straightforward (£1,500), moderately complex (£5,000) or complex (£25,000). Most financial advisers, mortgage brokers and general insurance intermediaries will be straightforward applications.

To apply for authorisation, you must send the relevant authorisation fee, without any deductions (by banker’s draft, cheque or other payable order), with the application form. You will not have made an application until we have received the full authorisation fee.

This authorisation fee is not refundable, so you need to be sure that you wish to go ahead with the application before you send us the form and fee.

We have launched a series of tailored handbooks containing those parts of the Handbook that apply to particular types of firms or sectors. To rely upon a tailored handbook, you need to satisfy yourself that your firm matches the criteria listed for that particular tailored handbook. If your firm does not fall within the required criteria for any of the tailored handbooks you will have to use the full Handbook, or, in due course the 'build a personal handbook' facility.

For more information, see Tailored Handbooks.

To find out more about how we supervise smaller firms go to our Small Firms section. All other firms should see our Being Regulated section.

To help us with our supervision strategy we require firms to submit information to us on a regular basis.

This means that most mortgage, general insurance firms and personal investment firms (PIFs), will be required to complete and submit the Retail Mediation Activities Return (RMAR) to us electronically using the Firms Online system.

If this applies to your firm, we will also require you to:

• confirm that information we hold, such as your address and telephone number – which we call standing data – is correct; and
• provide us with data on customer complaints made to your firm.

For more information on regulatory reporting, smaller firms should go to the Small Firms pages. All other firms should visit our Reporting Requirements section.