How to receive formal fca authorisation
Obtaining your formal authorisation is the final regulatory milestone that legally enables you to launch your fintech services and begin handling customer transactions.
The Final Green Light
The moment you receive your formal authorisation from the Financial Conduct Authority (FCA) is the official turning point from being a 'startup in development' to a 'regulated financial institution.' The most critical action you must take is to wait for the official Written Notice or Decision Notice from the FCA and then verify that your firm’s status is marked as 'Authorised' or 'Registered' on the public Financial Services Register. You must not process any live transactions or hold yourself out as an authorised firm until this status is live and you have confirmed that your 'Scope of Permission' covers every activity you plan to perform.
Understanding Your Permission
When the FCA approves your application, they grant you 'Part 4A' permissions (or a specific registration for payment services and e-money). These permissions act like a legal license, strictly defining what you can and cannot do. If you launch a feature that falls outside of these permissions—even by accident—you are technically committing a criminal offence under the Financial Services and Markets Act 2000 (FSMA).
Steps to Verify Your Status
- Check your email and portal: Your Case Officer will send a formal Decision Notice. This document confirms the date the authorisation becomes effective and lists any specific requirements or limitations placed on your firm.
- Visit the Financial Services Register: Search for your firm name on the FCA website. Ensure your status shows as 'Authorised' or 'Registered' rather than 'Pending.'
- Audit the Scope of Permission: Open the 'Permissions' tab on your register entry. Cross-reference the activities listed (e.g., 'Arranging deals in investments' or 'Providing payment services') against your actual business model.
- Verify 'Holding Client Money' status: If your business model requires you to hold customer funds, ensure the register explicitly states you have the permission to 'hold or control client money.'
Verification Checklist
| Item to Verify | What to Look For |
|---|---|
| Firm Reference Number (FRN) | Ensure the FRN assigned to you matches all your internal documentation and future regulatory filings. |
| Effective Date | Confirm that the date of authorisation has passed before you flip the switch on your live platform. |
| Trading Names | Ensure all 'Doing Business As' (DBA) names are correctly listed so customers can find you on the register. |
| Contact Details | Check that the principal place of business and complaints contact details are accurate for public viewing. |
Tip: Sometimes there is a small delay between receiving your notice and the public register updating. Do not panic, but do wait until the public register is live before sending out your 'We are authorised!' marketing announcement.
Best Practices for Post-Authorisation
Once you have verified your permissions, keep a digital and physical copy of your Decision Notice in your permanent compliance files. It is best practice to perform a 'dry run' check: have your compliance officer or a senior manager sign off a formal memo stating that they have reviewed the public register and confirmed it matches the intended business activities. This creates a clear audit trail of your commitment to regulatory compliance from day one.
Remember, authorisation is not a 'one-and-done' event. It is the beginning of a continuous relationship with the regulator. If your business model evolves in the future, you will need to apply to 'vary' these permissions before launching new types of financial products.
Created by hatch. • Updated on April 28, 2026