Regulatory
5 min read2023-12-15Understanding the FCA Change in Control Process
Veritas Connect Team
M&A Regulatory Specialists
The FCA's change in control approval can take 60+ working days. Here's how to prepare your application and what regulators examine.
Section 178 of FSMA 2000 requires prior approval for acquisitions of 10% or more of a regulated firm.
The 60 Working Day Clock
The FCA has 60 working days to assess applications, but this clock stops if additional information is requested. Complete applications are essential.
Assessment Criteria
- Reputation and financial soundness of acquirer
- Fitness and propriety of new controllers
- Impact on the regulated firm's business plan
- Source of funds for the acquisition
Common Delays
Incomplete personal questionnaires, unclear corporate structures, and inadequate business plans are the most common causes of delay.