On 1 July 2022, the FCA updated its webpage on ‘change in control’.
The update provides that:
- Given recent delays in allocating FCA-led notifications to case officers over recent months, the FCA has recruited additional case officers. Currently, there is a delay of approximately one and a half months between submission of a complete notification and allocation to a case officer.
- Notifications will be allocated as soon as a case officer becomes available, in the meantime, the FCA highlights that it is a criminal offence to proceed with acquiring or increasing control in an authorised firm or its parent undertaking before requesting, and receiving approval for the transaction (or before the statutory assessment period has expired).
- In order to avoid delays in processing notifications once it has been allocated, it is important that the notifications are complete, therefore, the FCA recommends that firms provide all relevant information and documents in the initial Firms can find out more on how to ensure their notification is complete here.