The FCA has launched a hub for new asset managers looking to get authorised with the regulator.
While the FCA is clear this will “not lower entry standards to the market” and asset managers will still have to meet equally “rigorous standards” before being accepted, the regulator will be providing assistance both before, during, and after authorisation.
Dedicated case officers, with pre-application meetings and a new website portal, are part of “phase one” of the hub kick-started today.
300 new asset managers were approved last year, taking the FCA’s total to more than 3,000. The FCA is aiming to help clarify its expectations, engage with new entrants better and make information easier to get hold of with the hub.
FCA executive director of supervision Megan Butler says: “The asset management sector is important for the UK economy.
“We want to aid new entrants to the market and the hub will help new firms understand us better as an organisation.”
The FCA is planning to introduce new phases to the hub next year.