ABSTRACT
If a firm intends to carry on a regulated activity, it must apply for authorisation. In order to apply for authorisation, a person must apply to the appropriate regulator, which, in respect of credit-related regulated activities, is the Financial Conduct Authority (FCA). If the person seeking authorisation is a member of a group that contains a Prudential Regulation Authority (PRA) authorised entity, then the FCA must consult the PRA before deciding the matter. The application must be made as directed by the FCA. The regulator will only grant the application for authorisation if satisfied that the applicant is a fit and proper person and may consider a wide variety of matters in reaching its decision. In order to qualify for authorisation, a firm must, as a minimum, satisfy and continue to satisfy certain basic minimum conditions known as the threshold conditions. The threshold conditions are set in the Financial Services and Markets Act 2000 supplemented by the threshold code.
