On 28 November 2018, the FCA published a report, FCA Mission: Approach to Authorisation (the Report).  The FCA published a consultation on ‘our approach to authorisation’ in December 2017, and consequently the Report reflects those changes based on feedback to the consultation. The FCA notes in Annex 1 of the Report that the following amendments have been made in the Report:

• the current position and more information on key topics such as the Temporary Permissions Regime for EU firms that hold a passport to provide financial services in the UK; and the Senior Managers and Certification Regime, including the new public Directory;
• how the FCA assesses individuals – to align with the different regimes that apply to solo regulated and dual regulated firms;
• how the FCA assesses the drivers of behaviour that can create cultures likely to cause harm;
• revoking authorisation, registration and approval – to include more examples of when this type of action may be taken;
• challenging the FCA’s recommendations – to include more information on the process and the role of the Regulatory Decisions Committee;
• promoting effective competition – to include information on how the FCA is providing a range of support to all firms;
• the current position on recent regulatory change such as Benchmarks and MiFiD II;
• metrics, such as the number of applications determined for 2017/18;
• public commitments – to include an improved set of public commitments made to firms;
• measuring the FCAs performance – to include information on how the FCA measures operational performance, and the effectiveness of the FCA approach.