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A helping hand

FCA web hub aims to ease process for new managers

Want to set up as a money management firm in the U.K.? The Financial Conduct Authority is here to help. The watchdog has launched its Asset Manager Authorization Hub, which aims to "remove unnecessary barriers to the regulatory journey of an asset manager while still maintaining our high regulatory standards," according to a statement on its website.

The hub supports new firms by assisting them when they apply for authorization, throughout that process and in the aftermath. Entrants still need to meet the "same rigorous standard as current firms before they receive authorization," the website said.

Phase one of the hub, launched this month offers new firms pre-application meetings, dedicated case officers and access to the new website portal. The goal is to help new firms understand how the FCA works, how to make a complete submission and help them understand the transition to operating under a supervisory regime. Future phases will feature open days for firms, the FCA said in a news release.

The FCA regulates more than 3,000 money managers and approved 300 new firms last year.

Further details are available on the FCA's website.