UK FCA to move fund authorisation applications and notifications online

The UK Financial Conduct Authority (FCA) has announced that it will change how firms submit fund authorisation applications and notifications. Firms currently send these by email, but over the next two to three years the FCA will gradually move to fully digital forms submitted online through Connect. The changes are designed to: improve data quality, regulatory oversight and governance; give more clarity and certainty about FCA expectations; and shorten the time it takes the FCA to reach a decision. The FCA is not expecting to significantly change content requirements for these applications and notifications at this stage.

The changes will be made in phases:

• From 2 November, firms must complete the existing forms for new scheme authorisations (Forms 12, 242 and 261C) and submit them, with supporting documents, via Connect. The same applies to forms to amend or wind up an authorised fund (Forms 21, 251, 261Q, 283A and 9, and the UCITS feeder form) and to final notifications (Form FN). After that date, the FCA will not accept these forms by any other method.
• During December, the FCA plans to move scheme document filings for authorised and recognised funds to Connect. Once this is live, it will no longer accept filings by email.
• In early 2027, certain Alternative Investment Fund Managers Directive applications and notifications will move to Connect.

Until then, firms should keep using the current process and are requested to prepare now by checking that the people who make fund applications or notifications have access to Connect. Where a third party submits on a firm’s behalf, the firm should make sure that third party has the right delegated access in Connect. The FCA’s Connect user guide for fund authorisations gives step-by-step instructions.

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