Will the FCA Authorise Us? Free Readiness Check
Get an instant readiness verdict for FCA authorisation. Answer a few quick questions tailored to your business activity.
- Takes 2-3 minutes
- Tailored to your activity
- Designed by ex-FCA specialists
1. Select your primary activity
Choose your activity to start
Pick the regulated activity closest to what your firm does. You then answer about ten yes / partly / no questions and see your readiness score straight away.
Your instant verdict
Answer the questions to see your live readiness verdict.
Speak to our ex-FCA team about your plans.
Readiness score
Your current readiness across the key FCA authorisation pillars.
Top actions
Prioritised actions to close gaps and improve your readiness.
Likely timeline
Estimated authorisation timeline based on your activity.
MEMA support plan
How we can support you from application to approval and beyond.
View support options →Not sure you need authorisation at all? Try the free MEMA Scope perimeter check first. This is an indicative self-assessment, not regulatory advice. For a fuller assessment, book a free scoping call.
What the FCA assesses
The readiness check scores you on the areas the FCA looks at when it decides an application: your business model, your people, your financial resources, your controls, your governance and how complete your application is. Each activity adds a few questions specific to its regime.
The 9 core questions every check asks
Business Model & Scope
Do you have a clear business plan and target market for the permissions you want?
The FCA expects firms to clearly define their target market and show how the business model supports good customer outcomes and regulatory compliance.
Business Model & Scope
Are the regulatory permissions you are applying for correctly scoped for what you will actually do?
Applications are commonly delayed when the permissions requested are broader than the business model, or miss activities the firm will carry on.
People & Accountability
Do you have people with the right experience for the senior roles your regime requires?
The regulator assesses whether the individuals running the activity are competent, capable and fit and proper, with responsibilities clearly allocated (under the SM&CR, the PSD/e-money individual regime or the money laundering rules, depending on your activity).
Financial Resources & Safeguarding
Do you have the capital, safeguarding approach, and financial resources documented for the activity you want to carry on?
The FCA expects appropriate capital planning, safeguarding arrangements (where relevant) and evidence of sufficient financial resources to support the proposed activity.
Compliance Oversight
Do you have ongoing compliance oversight, monitoring, and complaints handling in place?
The FCA expects clear responsibility for compliance, active monitoring of risk and controls, and effective arrangements for handling customer complaints.
Systems & Controls
Do you have the systems, records and financial crime controls the activity requires?
Firms must evidence adequate systems and controls, record keeping, and (where in scope) financial crime and AML arrangements proportionate to the business.
Governance & Accountability
Is there clear board or senior management oversight and accountability for the regulated business?
The regulator expects governance arrangements that give senior management effective oversight, with clear individual accountability.
Ownership & Establishment
Have you mapped your controllers and beneficial owners, and is the firm's mind and management in the UK?
The FCA assesses controllers, beneficial owners and group structure, and expects the firm to be capable of effective supervision with its head office and key functions in the UK (a Threshold Condition, or the equivalent condition under the PSRs/EMRs/MLRs).
Application Readiness
Are your application pack and supporting documents drafted and ready to submit?
A complete, consistent application pack with the required supporting documents materially reduces the risk of delay or a request for more information.
Why the FCA refuses or rejects applications
The FCA treats an application that is incomplete, one that is withdrawn and one that is refused differently. The difference matters because only a rejection refunds your fee.
- Rejected: you did not provide the minimum information the FCA asks for, so it is rejected without being assessed. The application fee is refunded and you can resubmit.
- Withdrawn: often because the firm understands the application is likely to be refused. The fee is not refunded, but you can reapply.
- Refused: the FCA concludes the application does not meet the standard. The fee is not refunded.
| Year | Withdrawn | Refused | Rejected (incomplete) |
|---|---|---|---|
| 2025/26 | 389 | 6 | 185 |
| 2024/25 | 506 | 12 | 157 |
Source: FCA data OE-M02: withdrawals, refusals and rejections for new firm authorisations. These figures cover new firm authorisations and registrations across all sectors.
Why the FCA refused applications
2025/26: 6 refusals
- 2 refusals: the firm did not respond to the FCA's requests for information
- 2 refusals: the competence, capacity or fitness of senior managers did not meet the FCA's standards
- 1 refusal: the firm could not be effectively supervised
- 1 refusal: the application fell below the FCA's standards in several areas
2024/25: 12 refusals
- 5 refusals: the firm did not respond to the FCA's correspondence about its application
- 2 refusals: the appropriateness of the product or service did not meet the FCA's standards
- 2 refusals: the competence, capacity or fitness of senior managers did not meet the FCA's standards
- 2 refusals: concerns about the fitness and propriety of the firm itself
- 1 refusal: the systems and controls intended to run the business did not meet the FCA's standards
What this tells an applicant: refusals are rare, but a large number of applications are rejected as incomplete or withdrawn, and a meaningful share of refusals come from firms that stop replying to the FCA. The areas the FCA names most are the competence of senior managers, the fitness and propriety of the firm, and whether its systems and controls work, which are the same areas this check scores. See the FCA's own refusal process and how to apply pages.
FAQ
Do I need FCA authorisation?
You generally need FCA authorisation if you carry on a regulated activity in the UK by way of business, unless an exclusion or exemption applies. Common examples are lending or credit broking, advising on or arranging investments, insurance distribution, payment services and e-money. Use our free perimeter self-check, or a written perimeter assessment, if your position is unclear.
How long does FCA authorisation take?
The FCA says it will usually assess a complete application within 6 months for FSMA firms and 3 months for payments and e-money firms. If the application is not complete it can take up to 12 months. Gaps and slow replies to the FCA's questions are what stretch the timeline.
How many FCA applications are refused?
The FCA publishes this. For new firm authorisations in 2025/26 it recorded 6 refusals, 185 rejections (applications that did not include the minimum information) and 389 withdrawals. In 2024/25 it was 12 refusals, 157 rejections and 506 withdrawals. Formal refusals are rare, but a much larger number of applications are rejected as incomplete or withdrawn before a decision. Source: FCA data OE-M02.
Which regulated activities does this readiness check cover?
Claims management, payments and e-money, consumer credit, investments, insurance distribution and cryptoassets. Each activity runs nine core questions on the areas the FCA assesses, plus a few questions specific to that regime.
How accurate is my result?
It is an indicative readiness view based on your answers, designed by ex-FCA specialists. It is not a prediction of the FCA's decision or a substitute for a full assessment.
Is this a compliance check?
No. It is a quick self-assessment to help you understand your readiness and the gaps to close before you apply. It is not regulatory advice.
How is my data used?
Your answers power your live result. If you ask for the PDF report we email it to you and may contact you about your results. See our privacy policy for details.
What happens after I submit?
You get the PDF readiness report by email, and you can book a free scoping call with our ex-FCA team to talk through the gaps.