If you are buying, selling or restructuring an FCA-regulated firm, the FCA needs to approve the change before it happens. This is known as a change in control (CIC), and getting it wrong can delay or even derail a transaction.
We manage FCA change in control notifications end-to-end, so your deal can proceed on schedule and on the right side of the rules.
Contact usOur CIC service is for anyone acquiring or increasing control of an FCA-authorised firm, existing controllers reducing or disposing of their holding, and regulated firms whose ownership structure is changing. This includes investors, holding companies and individuals.
Under Section 178 of the Financial Services and Markets Act, a proposed controller must notify the FCA and receive approval before acquiring or increasing control of a regulated firm beyond the prescribed thresholds. Firms themselves also have obligations to notify the FCA of changes in their controllers.
The notification must satisfy the FCA that the new controller is fit and proper and that the acquisition will not threaten the sound management of the firm. That means detailed information about the acquirer, the funding of the transaction and the plans for the business.
We start by mapping your transaction against the FCA change in control thresholds to confirm exactly who needs to notify and when. We then prepare the Section 178 notice and supporting documentation, anticipate the questions the FCA is likely to ask, and manage correspondence with the regulator through to approval.
Because the FCA’s assessment period only starts once a complete notification is received, our focus is on getting the submission right first time.
Our consultants have assessed transactions from inside the regulator, so we know what the FCA looks for in a controller.
You will know our fees upfront, with no surprises mid-transaction.
We have supported acquisitions, disposals and group restructures across a range of regulated sectors.
Before the change takes place. A proposed controller must submit a Section 178 notice and receive FCA approval, or non-objection, before completing the acquisition. Completing first and notifying afterwards is a criminal offence.
Once the FCA confirms your notification is complete, it has a statutory assessment period of 60 working days, which can be paused if the regulator requests further information. Incomplete notices are the most common cause of delay.
Yes. Existing controllers reducing or ceasing control must also notify the FCA, and the regulated firm itself must tell the FCA when it becomes aware of a change in its controllers.
FCA regulation and compliance can be complex, but we will help you navigate the process, allowing you to expand your business and create new revenue streams.
Contact us to talk to our friendly team about your requirements.