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  1. Point in time
    2006-07-07

SIFA 6.1 Authorisation

SIFA 6.1.1G

The Authorisation manual (AUTH) sets out the background and provides guidance on how we authorise firms. All firms and individuals enter the regulated environment through an authorisation or approval process. Our assessment at entry aims to allow only those firms and individuals satisfying the necessary criteria (including honesty, competence and financial soundness) to engage in regulated activity.

SIFA 6.1.2G

If you carry on an activity regulated by the FSA (a regulated activity) in the UK, then you must either be authorised, be an appointed representative or have some other exemption - for example, if you are a professional firm (solicitors, accountants or actuaries) carrying on investment business that is incidental to your main business.

SIFA 6.1.3G

To apply to become directly authorised by the FSA, you need to submit an application to us for what is called a Part IV permission (permission for a firm to carry on regulated activities under the Financial Services and Markets Act 2000 (FSMA)). We will assess the application against the Threshold Conditions and advise you of our decision.

SIFA 6.1.4G

There are several different types of application pack depending on the type of business you plan to undertake and the type of legal entity you intend trading as. The packs that have been tailored for smaller firms are the Small Firms Application Pack and the Sole Trader Application Pack for sole traders with no other approved persons. Applicants must also submit the appropriate Small Firms Controller Forms for each of the firm's controllers (the people who own the firm). These packs and forms are available on our website.