FCA cuts registration and supervision red tape

The new portal will remove ‘unnecessary barriers to the regulatory journey’ for new entrants.

The first stage of a system designed to make registration and post-authorization tasks easier for fund managers has been launched by the UK regulator.

The Financial Conduct Authority’s Asset Management Authorization Hub offers firms pre-application meetings, dedicated case officers and access to the new website portal.

“This will make it easier for firms to understand how the FCA works, make a complete submission, and transition from our authorization to supervision regime,” the regulator said.

The system offers better guidance on regulations and processes, makes information easier to access via a dedicated portal for investment managers on the FCA’s website, end-to-end support for firms moving through the start-up cycle, and aims to “foster better engagement between the FCA and new entrants.”

Highlighting the need for clarity, Megan Butler, executive director of supervision – investment, wholesale and specialists, said: “Our contact center takes up to 1,200 pre- and post-application calls a month from investment managers seeking clarification on issues ranging from authorisation, to regulation and reporting.”

The hub aims to remove unnecessary barriers to the regulatory journey of an asset manager while still maintaining high regulatory standards, she added.

The next stage, which should launch in 2018, will offer quarterly surgeries for firms and open days.