Holding company approvals

Part 12B of the Financial Services and Markets Act 2000 (FSMA) requires certain parent financial holding companies and parent mixed financial holding companies established in the UK to apply to us for approval or exemption from the new requirement to be approved.

Submitting an approval or exemption application

To submit an application, firms will need to send an email with an electronic copy of their application to us. Please send applications to PRA-FHC-Approval-Enquiries@bankofengland.co.uk

Fee

A fee of £2,500 is payable in respect of an application for approval or exemption. Please refer to Fees Part of the PRA Rulebook for more information. Applications will only be considered valid once the fee has been paid.

The preferred method for payment of fees is via BACS, however, cheques are also accepted. Further instructions are provided in the application form.

How we assess and determine applications

We will carry out an assessment consistent with Part 12B of FSMA. In making our decision, we will consult the Financial Conduct Authority.

Application timings

Holding companies established on or before Tuesday 29 December 2020

We encourage a company established in the UK as a parent financial holding company or a parent mixed financial holding company, on or before Tuesday 29 December 2020, to submit its application for approval, or exemption, in June 2021. The latest date by which a parent financial holding company or a parent mixed financial holding company benefitting from HM Treasury transitional provisions must submit an application is Wednesday 28 June 2021.

Holding companies established after Tuesday 29 December 2020

A parent financial holding company or a parent mixed financial holding company that was established after Tuesday 29 December 2020 must secure our prior approval, or a prior exemption, from the requirement to seek approval. Applications we receive will be assessed and determined within the statutory timelines prescribed by Part 12B FSMA. For more information, firms should contact PRA-FHC-approval-enquiries@bankofengland.co.uk.
This page was last updated 05 May 2021

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