Processing Applications 

For all types of financial service provider, the application process involves the submission of a formal application consisting of prescribed documentation relating to the activities and the approach to risk management and regulatory compliance.

The level of requirements and detailed information sought by the Financial Regulator will vary depending on the nature of the proposed activity. 

Applications Forms and Guidance Notes have been developed for most types of financial service providers.

All applications for authorisation must be completed in full prior to submission and must also include any supporting documents requested as part of the Application Form (e.g. business plan, organisation chart, financial statements, etc).

See specific financial service provider types for more detailed information which must be submitted as part of an application.

One of the criteria in assessing any application for authorisation relates to the fitness and probity of proposed directors and senior managers together with the suitability of any proposed shareholders (who are natural persons), holding in excess of 10% (qualifying shareholding) in the applicant company.

Under our fitness and probity standards, all proposed directors, relevant senior managers and individual qualifying shareholders must be assessed as well as any subsequent appointments to such positions in the company post-authorisation. 

Appointments to the position of director or senior manager are required to complete an Individual Questionnaire (IQ) which should demonstrate that such persons have the necessary qualifications, skills and experience to perform the duties of their position and are honest, fair and ethical.

The IQ must be endorsed by the proposing financial services firm and submitted for approval to the Financial Regulator.

In the case of a proposed individual qualifying shareholder, the Financial Regulator will form a view as to the suitability of the individual based on the probity of the individual and the information provided in the IQ and relevant attachments. 

See our Fit and Proper Requirements for guidelines on approval of persons.

All our application forms ask for core information to be submitted in support of the application.

Additionally, we may request further information depending on the nature and type of business activity proposed.  It is vital that you supply all relevant information.

You should be open and honest with us and provide us with any information requested in a timely manner.

You should also provide us with any other information that you think we should be made aware of. If in doubt about any information relating to your application, then please disclose it. 

If the information you provide is inaccurate or incomplete, this is likely to delay your application.

Before you submit your application you should review it to check that you have provided adequate responses to all questions and enclosed any supplementary information or documents required.

Normally, we hold pre-application meetings with potential applicants where the business concerned is complex or unusual. Meetings are unnecessary for less complex businesses and any pre-application issues can usually be resolved by telephone or correspondence.