Financial Licensing · UK

UK FCA Authorisation

The Financial Conduct Authority (FCA) authorises investment firms, payment institutions, electronic money institutions, and alternative investment fund managers operating in the United Kingdom.

FCAUK RegulationInvestment FirmPayment InstitutionEMI
Overview

Why FCA Authorisation?

FCA authorisation provides access to the world's most internationally recognised regulatory label — and is often the benchmark against which other regulators assess applicant credibility. For firms targeting institutional or professional clients globally, an FCA licence remains the gold standard for reputational legitimacy.

Marensa Advisory advises on FCA applications for investment management, payment services, e-money issuance, and fund management — covering application strategy, compliance framework design, and ongoing FCA reporting obligations.

Discuss Your FCA Application
What We Cover
  • FCA authorisation category scoping: investment firm, PSP, EMI, AIFM
  • Regulatory Business Plan (RBP) and financial projections
  • Wind-Down Plan (WDP) preparation
  • Compliance Manual, SYSC controls framework and AML/CFT programme
  • Fit and Proper submissions for controlled function holders (CF1–CF30)
  • Application preparation, submission and FCA Gateway liaison
  • Post-authorisation compliance calendar and reporting setup
  • Variation of Permission (VoP) management
Key Considerations

FCA Authorisation — Key Dimensions

The FCA's New Application process is structured but demanding. Understanding what the FCA needs before you start reduces delays significantly.

MiFID II Investment Firms
For firms managing portfolios, dealing as principal/agent, or providing investment advice. Categorised as IFPRU (systemic) or MIFIDPRU (non-systemic) firms. Capital requirements and prudential rules differ significantly between categories.
Payment Institutions & EMIs
For firms providing payment services (under the Payment Services Regulations 2017) or issuing electronic money (under the EMI Regulations 2011). Capital ranges from £20,000 (small PI) to £350,000 (full EMI). Safeguarding requirements are critical.
Alternative Investment Fund Managers
UK AIFMs managing alternative funds must be FCA authorised. Post-Brexit, access to the EU for UK AIFMs uses national private placement regimes (NPPR) in each EU member state.
Senior Managers Regime (SMR)
All FCA-authorised firms must implement the Senior Managers & Certification Regime (SM&CR). Senior Managers require FCA individual approval; certified persons are firm-certified annually.
Consumer Duty
FCA-authorised firms serving retail clients must comply with the Consumer Duty (effective 2023) — requiring firms to act to deliver good outcomes for retail customers across products, price, information and support.
Safeguarding (PSPs/EMIs)
Payment institutions and EMIs must safeguard client funds at all times — by segregation into a dedicated client funds account or by insurance/guarantee. FCA scrutinises safeguarding arrangements closely during authorisation.
Our Process

How We Work

01
Scoping & Category Selection
We map your business model to the correct FCA authorisation category, identify capital requirements, and assess whether a full authorisation or appointed representative (AR) model is the right starting point.
02
Application Preparation
We produce all required documents: RBP, Wind-Down Plan, compliance framework, AML/CFT programme, financial projections, and governance documentation.
03
Controlled Functions
We advise on identifying and preparing controlled function holders (directors, COs, MLROs) for FCA individual approval under the SM&CR.
04
Submission & Liaison
We submit the application via the FCA Connect portal, manage all FCA case handler correspondence, and prepare for any interviews or supplementary requests.
05
Post-Authorisation Compliance
We establish your compliance calendar, regulatory reporting obligations (REP, GABRIEL), and ongoing SM&CR certification arrangements.
Why Marensa

London Regulatory Experience.

FCA applications require a detailed, internally consistent submission. The FCA's case handlers review applications against published standards and issue detailed RFIs where documentation gaps appear. Every gap adds months.

Marensa Advisory supports clients through FCA authorisation with deep knowledge of the Connect portal process, RBP requirements, and SM&CR controlled function submissions.

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World Class IFC
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Senior Managers
MiFID II
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FAQ

Common Questions

How long does FCA authorisation take? +

The FCA has a statutory 6-month determination period from receipt of a complete application. In practice, most applications take 9–18 months from initial submission to authorisation, due to RFI cycles. A complete, high-quality application is the most reliable way to shorten this.

Can a non-UK company obtain FCA authorisation? +

The authorised entity must be incorporated in the UK (or in another country with a branch in the UK for certain categories). Non-UK founders can own a UK entity — and frequently do — but the firm itself must have a UK presence and UK-resident senior management.

What is the difference between an EMI and a Payment Institution? +

An EMI (Electronic Money Institution) can issue e-money (prepaid electronic value) and provide payment services. A Payment Institution (PI) can only provide payment services — it cannot issue e-money. EMI capital requirements are higher.

Does Brexit affect FCA authorisation for EU clients? +

Yes. Post-Brexit, FCA-authorised firms no longer have automatic passporting rights into the EU. To serve EU clients directly, UK firms typically need to establish an EU subsidiary or use national private placement regimes in each target country.

Related Services

You May Also Need

UK AIFM Licence
For alternative investment fund managers regulated by the FCA.
Learn more →
UK EMI Licence
Electronic Money Institution authorisation in the UK.
Learn more →
UK Payment Institution Licence
FCA-authorised payment services for UK and cross-border payments.
Learn more →
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