The hub will assist firms when they apply for authorisation, throughout the authorisation process and afterwards, says the regulator which has insisted the authorisation hub will “not lower entry standards” and “entrants will need to meet the same rigorous standards as current firms before they receive authorisation.”
Today’s launch marks the start of ‘phase one’ of the hub which will offer new firms pre-application meetings, dedicated case officers and access to the new website portal.
The watchdog says this should make it easier for firms to understand how the FCA works, make a complete submission, and transition from the authorisation to supervision regime. Future phases will feature open days and surgeries for firms.
Megan Butler, executive director of supervision – investment, wholesale and specialists, said: “The asset management sector is important for the UK economy. We want to aid new entrants to the market and the hub will help new firms understand us better as an organisation.”
The hub system is based on four principal objectives:
· To clarify expectations - and support firms with better guidance on regulations and processes.
· To make information easier to access via a dedicated portal for investment managers on the FCA’s website.
· To foster better engagement between the FCA and new entrants.
· To provide end-to-end support for firms moving through the start-up cycle.
The FCA currently regulates more than 3000 asset managers and approved 300 new firms in 2016. Further phases of the hub will be rolled out throughout 2018.