Updated FCA guidance: change of firm’s legal status

Regulatory Updates | 08/06/21

The Financial Conduct Authority (FCA) has updated its webpage on how to apply for FCA authorisation. The updated section is about changes to a firm’s legal status.

If there is a change to a firm’s legal status, the applicant will need to submit a new firm authorisation application and sign a Deed Poll declaration. This requires the firm to deal with any complaints from existing customers in the same way that it would customers of the new legal entity.

The FCA has introduced this requirement to prevent firms leaving behind their obligations to their customers by changing their legal entity. Before any applications are approved, the FCA will ask applicants to cancel the previous entity’s permissions.

click here for details