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Home > Prudential Regulation Authority > Submitting, assessing and determining a new firm authorisation
 

Submitting, assessing and determining a new firm authorisation

New firm authorisation  |  Submitting, assessing and determining a new firm authorisation

This page outlines the generic application and authorisation process, from submitting an application, to assessing and deciding the outcome of the application. This page also includes application forms for banks, insurers and credit unions (see ‘Application forms and guidance’ below). For information on the application and authorisation process for banks see the New Bank Start-up Unit webpages.

Submitting

Firms can submit their new firm authorisation application to the PRA at any time. Forms required for submission and guidance can be found below under ‘Application forms and guidance’. The PRA and FCA will make a decision on all applications within the earlier of:

  • six months of receiving a complete application; or
  • twelve months of receiving an incomplete application.
For a firm’s application to be assessed as complete, it will need to have provided the regulators with all of the required application forms (available below under ‘Application forms and guidance’), which have been fully and correctly completed, and the information provided must be of sufficient quality and detail to allow the regulators to complete their assessment. We also expect firms to have incorporated responses to the regulators’ feedback provided during the pre-application stage. If this is not the case the application will be assessed as incomplete.
 
When submitting the application, firms will need to send two hard copies (one for the FCA and one for the PRA) and two electronic copies (on a memory stick, DVD, or other method) of all the documents to the PRA at the address below. The PRA will then send the information to the FCA. You will also need to send a cheque made payable to the FCA for the relevant application fee as set out in the application form.
 
Please send the application to:

PRA Authorisations
Authorisations Division
Prudential Regulation Authority
20 Moorgate
London EC2R 6DA
 
It should be noted that the application fee is not refundable. The relevant application form has details of the fee required.


Assessing and determining

Part 4A of the Financial Services and Markets Act 2000 (FSMA) sets out the requirements of new firm authorisations and the Threshold Conditions that must be met at authorisation and on an ongoing basis. The supervisory approach documents (see Related Links) set out the PRA’s policy on the matters that will be considered in respect of the Threshold Conditions when deciding to authorise a firm. 

Proposed new firms differ widely in their impact and complexity. Consistent with the PRA’s risk-based approach, the depth of the PRA’s assessment will be proportionate to the impact of the approval on the PRA’s objectives.
 
In assessing the application, the PRA will remain mindful of the uncertainty about the eventual nature and extent of the firm’s activity in the proposed new area(s). Where the authorisation may lead to an increase in prudential risk, the PRA will seek to understand these and be assured that they will be mitigated. The PRA will make its expectations clear to the firm through straightforward, clear communication of its policies and rules.
 
The authorisation of a new firm will not be granted unless both the PRA and the FCA are satisfied that it should be. The FCA is required to gives its consent to the PRA before any final decision can be made on an application. 
 
If a decision is made to approve the application, the PRA will inform the firm. If the decision is that the application is not successful and the PRA and/or the FCA propose to refuse it, the PRA will inform the firm about the procedure and the various options open to the firm to challenge the decision.
 
The PRA may exercise its own initiative powers to vary or cancel a firm’s permission once granted if a firm does not start a regulated activity for which it has permission within 12 months of permission being given. If, at any time during the authorisation process, the firm wishes to withdraw its application, it may do so. 


Application forms and guidance 

Banks

 

Insurers

Core details application form
Core details application form - notes
Supplement for insurance firms
Supplement for insurance firms - notes
Owners and influencers appendix
Owners and influencers appendix - notes
Checklist and declaration
IT self assessment questionnaire
Detailed IT Controls form
For Lloyd's Managing Agents​ ​
Supplement for Lloyd's Managing Agents
Supplement for Lloyd's Managing Agents - notes
 

Credit unions

The forms required for a credit union application are listed below. Each form needs to be downloaded, saved and completed separately. It is likely that the firm will need to complete more than one Form A for approved persons. Notes to accompany each form are also listed below. Credit unions in England, Scotland and Wales must be registered with the FCA. Registration forms for credit unions are included below and should be submitted to the PRA along with the application documents, although the FCA will do the registration. See the FCA website for more details on the process for registration (available in External Links). Credit unions in Northern Ireland must be registered with the Department for the Economy.  Please contact them for more information on registration matters.
 
 
 

PRA Direction notice - 18 September and 16 December 2015 

The text of some of the forms accessible on this webpage was changed by the PRA and FCA on Friday 18 September and Wednesday 16 December, 2015. For more information on the changes, please see CP35/15 and PS30/15. The following links includes the PRA Direction notices which give effect to the amendments to the forms and identify the changes made. This is provided to you for information purposes. If you intend to submit one of the forms affected to the PRA, please use the clean version of the form by clicking the relevant link above.
 
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