Our team is frequently asked to look at business plans or nascent services to identify whether they are covered by any of the UK and EU regulatory regimes. It’s often hard to know whether an activity falls within what the FCA and PRA refer to as the regulatory perimeter.
With the financial services industry constantly evolving and innovating, it’s no surprise when the rules haven’t factored in certain scenarios. And where new financial products emerge it’s not always clear whether they do sit within the regulatory perimeter, and where they do, which rules will apply.
We have plenty of expertise in helping firms identify whether a proposed product or service falls inside or outside the regulatory perimeter. From the first challenger banks, to cryptocurrency exchanges to peer-to-peer lenders, we have worked with a huge range of innovative clients.
We pride ourselves not only on being familiar with the applicable rules and guidance, but on being able to exercise judgement on interpreting the potential grey areas. We understand the objective and purpose of regulations and the regulators’ expectations – whether articulated in the rulebook or not.
How we help with perimeter advice
Whether you’re a start up or a larger firm working on an acquisition or a new product launch we can help in a number of areas:
- Establishing whether you need FCA authorisation or PRA authorisation
- Assessing whether an appointed representative arrangement is appropriate
- Guidance as to whether exemptions could be relevant
- Helping international firms understand what they can or cannot do in the UK
- Advising on and supporting large scale changes of control.