The FCA are refusing my application! What does it mean and what do I do?

When you submit an application to the FCA (Financial Conduct Authority), there are three possible outcomes: approval, rejection, or refusal. Let's discuss the first two outcomes first.

Approval:

If your application meets the required threshold conditions, it will be approved. This means that the FCA is satisfied with your policies and procedures, financial projections, and your suitability as an individual. You will receive an FCA authorization number, granting you permission to conduct regulated activities.

Rejection:

A rejection occurs when the FCA considers your application to be incomplete. Typically, the mandatory documents for an application include the application form, a DBS check, and financial projections. If any of these documents are missing, the FCA has the right to reject your application and refund the application fee. You can reapply in the future once you have all the necessary documents ready. It's important to note that an application can also be rejected if you have applied for the wrong permissions.

Refusal:

If the FCA is proposing to refuse your application, it is likely because you have failed to meet the threshold conditions. Often, the suitability condition is the main concern. The FCA may determine that your firm is not ready, willing, or organized to conduct regulated activities. This could be due to concerns about your policies and procedures, financial forecasts that are not logical, or insufficient resources to undertake financial activities.

Regardless of the outcome, Get Authorised is here to assist you. Please contact us for more information and guidance. It's never too late to turn around a failing application.