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FCA to review authorisation information causing confusion

The FCA will review information on its website about part of its authorisation process the Complaints Commissioner says is causing confusion.

The information that will be reviewed relates to “minded to refuse” letters, which are sent to firms or individuals outlining the reasons why the regulator is considering refusing their application for authorisation.

In the Complaints Commissioner report the complainant, who was previously approved as a CF30 at another company and had assisted the FCA with an investigation into conduct at that firm, was later not cleared when reapplying for authorisation after moving to a new firm.

The complaint, which accuses the regulator of unfairly issuing two minded to refuse letters, was not upheld.

FCA could ask IGCs to scrutinise drawdown

In the decision Complaints Commissioner Antony Townsend recommends the FCA clarifies its process around minded to refuse letters.

Townsend says: “I am concerned there is a lack of clear information on the FCA’s website about the process and the options available to firms and individuals. This is one of a number of complaints I have been dealing with in which there has been some confusion about minded to refuse letters and so for that reason, I am separately pursuing with the FCA how the process might be improved.”

In response to the decision, the FCA says the information related to minded to refuse letters on its website will be fully reviewed.

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