Notifications and applications

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This Overview is a guide to the Financial Services content within the Notifications and applications subtopic, with links to the appropriate materials.

This Overview provides a summary of the requirements for firms to notify the regulator in relation to key information changes and lists all the relevant Practice Notes that readers can access for obtaining detailed information.

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are the UK's regulators for investments, banking, insurance, listing and other financial services matters. The FCA and the PRA authorise and regulate different financial services businesses in the UK including banks, insurance companies and fund managers.

The regulators hold certain information about the firms that they regulate. If there are any changes in the information of these firms, such as a change of control or a change to its close links, the regulators must be notified. The Financial Services Register provides details of the firms, individuals and other bodies that are, or have been, regulated by the PRA and/or the FCA.

Firms can also make applications to the regulators, for example if they want to apply for a Part 4A permission

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Latest Financial Services News

EPC seeks service provider for VoP scheme test environment

The European Payments Council (EPC) has launched a request for proposal (RFP) for the selection of a technology service provider in charge of providing, operating and supporting a test environment for the validation and self-certification of the verification of payee (VOP) API (both server-side and client-side) by the scheme participants. Responses are sought by 17 January 2025.

FCA’s 2024 consumer focus still has firms guessing

Law360, London: The Financial Conduct Authority (FCA) shifted further toward results-based financial regulation in 2024 by requiring regulated companies to comply better with its Consumer Duty, forcing managers to make individual interpretations of the regime's often ambiguous requirements where more specific rules are missing.

Financial Services—other developments (23/12/2024)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

ECB fines BNP Paribas Fortis SA/NV for intentionally breaching credit risk reporting rules

The European Central Bank (ECB) has imposed an administrative penalty of €10.4m on BNP Paribas Fortis SA/NV for reporting miscalculated risk-weighted assets for credit risk. The bank may challenge the ECB’s decision before the Court of Justice of the European Union.

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