Changes to application forms accessed via Connect

Earlier this year, the FCA published a statement to announce upcoming changes to its authorization application forms to streamline the application process and gather necessary information more efficiently. This statement has now been updated to inform of the improvements the FCA has made to Form A which is commonly used for „Senior Management Functions and Controlled Functions“ applications and to inform of the upcoming testing period of the Form. Also, the Authority has published a video briefly outlining the key changes which are as follows:
– the FCA now provides a checklist of required information before starting the application;
– the FCA has reduced redundancy in the employment history section;
– the FCA has enhanced data validation and pre-population for quicker completion of the form;
– the FCA has integrated the Statement of Responsibilities (SOR) into Form A;
– the FCA has removed the ‚Send later‘ function; and
– the FCA has improved its help function, as well as the overall layout and navigation.
Starting in September 2023, the Authority will begin public testing of the new Form A and will notify firms about accessing it. Firms can still use the old form for some time, but they will eventually have to transition to the new Form A. Changes to other application forms will follow after Form A is finalized, with no impact on regulatory data and returns.
To conclude, the FCA has also enclosed several frequently asked questions in this context and has provided a link for firms interested in becoming involved in the testing of new FCA forms.