Fintech

FCA authorisation tool for fintech start-ups launches



717_2022-01-10-11-36-16am.gif
Global law firm Hogan Lovells has announced the launch of its regtech tool, which aims to help navigate fintech firms through the process of authorisation from the FCA.

The firm’s ‘Hogan Lovells Engage: Authorisation Tool’ provides fintech start-ups with a free overview of the FCA authorisation process.

It will assess their status and preparedness for regulation and help them to identify the specific requirements they need to get authorisation.

Steve Murphy, head of financial services regulatory consulting at Hogan Lovells, said: "The cost for fintechs to get FCA authorisation can be up to £200,000, especially when combined with uncertainty over the outcome.

“Our authorisation tool aims to solve this problem, helping them to understand the process and offering competitively priced tailored support based on their business model."

Hogan Lovells previously launched the Hogan Lovells Regulatory Accelerator – which helped start-ups to understand regulatory requirements from the FCA – through its ongoing partnership with Innovate Finance.

Charlotte Crosswell, CEO at Innovate Finance, said: "The authorisation tool is ideal for fintech start-ups that lack the resources or expertise to solely manage the long process towards authorisation.

“Combined with its regulatory accelerator, Hogan Lovells has created a valuable online tool that addresses this issue, thereby giving members and the wider fintech ecosystem the autonomy, knowledge and support to navigate regulatory processes more efficiently.”

The new tool can be accessed for free on the Hogan Lovells website. 

Leave a comment