FCA unveils enhanced oversight programme for newly authorised firms
The Financial Conduct Authority has revealed an expansion of its Early and High Growth Oversight offering with a commitment of providing closer support for 300 newly authorised businesses by the end of 2023.
According to the FCA, the new approach will provide enhanced supervision for firms as they get used to their regulatory status and support them to understand their obligations so they can meet the expected standards as they grow.
It added that the process will ensure it can identify harm developing in newly authorised businesses more quickly and address it or remove problem firms.
The regulator piloted Early Oversight with 32 newly authorised firms across a range of sectors from October 2021
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