The FCA and PRA have started to provide firms who are in the Temporary Permission Regime (TPR) with “landing slots”. These are 3-month windows by which firms must submit their applications to the regulator(s) in order to become fully authorised.
If firms do not submit their applications by the specific closing date, regulators may cancel the firm’s temporary permission, meaning that EU firm will no longer be permitted to carry on regulated activities in the UK and if the firm is eligible, they will be moved to a supervised run off mechanism. Therefore, it is imperative that firms submit their application before their 3-month window closes.
Several of our clients have been provided with their landing slots, so we thought it would be an opportune moment to remind firms of how ICSR can assist with the application process.
ICSR has helped many firms over the last 4 years (Insurers, MGAs and Brokers) submit both firm authorisation and senior manager applications including as well as helping firms develop and draft the important Regulatory Business Plan which supports the application.
We are able to provide the following support:
- Application Completion
Working alongside appropriate stakeholders at your firm including compliance, risk, finance and others, ICSR can complete the application and draft the required additional documentation.
- Subject Matter Expert
We can provide your firm with application support and be on hand to provide expert advice and provide answers to any queries that you may have as you go through the process.
- Application Project Management
ICSR can provide a project manager to assist you to with manageing the process acrossefforts as finance, compliance, risk, business management, actuaries and others business areas as that may be necessary, working together to develop the Regulatory Business Plan required for the application for your firm. We outline all the documentation that needs to be provided, set deadlines for completion of tasks and hold regular progress meetings to ensure the application is progressing in line with deadlines.
- Application Review
Once your firm has completed the application and the various additional documentation, ICSR can review the application in its entirety and provide a “sense check” to ensure no key points or information are missing.
If any of these services could be of interest to your firm, please do get in contact with either Craig Umbleja or Kenneth Underhill for an initial discussion.
If you would like to find out more about these services or discuss any aspect of the way your firm is managing the Temporary Permissions Regime process and authorisation application, please feel free to contact any member of the ICSR Team in complete confidence.