Find out how we process applications for fund authorisation, or to amend or wind up an authorised fund.
When we receive a complete application for fund authorisation we will consider:
- proposals and applications to ensure fund structures and objectives are clearly set out
- how the fund will operate and whether the investment strategy and risks are stated clearly, concisely and effectively for investors in making informed decisions
- whether the fund is suitable for the target investor groups
A case officer will review the application or notification to amend a fund based on this and contact you with any comments or to ask for further information or clarification. The case officer will let you know how the application or notification is progressing throughout the review process.
If we have any queries about your application or notification you will have to address them and respond to us within the deadline we will give you. We will continue to work with you during this period.
Following the initial review the application or notification will be submitted for second review, which may result in more comments or queries that you have to respond to before the fund is authorised or amended.
When a fund is authorised it will appear on the Financial Services Register.
For authorisation of an AUT we will tell you when the second review is complete and request a confirmed copy of the trust deed. We require this before we authorise the scheme.
We are required to process complete applications to authorise NURS and QIS within 6 months of receiving them. We are required to process complete applications to authorise UCITS within 2 months.
From April 2015 we are aiming to process complete applications to authorise NURS within 2 months and QIS within one month. We are already meeting these targets - see more on our processing time in the Data Bulletin issue 3.
If you have a query about an open application or notification you should firstly contact your case officer – the details will be included in an email we’ll send confirming that we have received your application.
Email other queries to [email protected] and we will respond as soon as possible.