Having advised clients on FCA regulatory applications in the past, Corvus Group’s legal services business (“Corvus Advisory”) successfully navigated the FCA regulatory application process for Corvus Group’s appointed representative and fund and corporate services business (“Corvus Administration”) in 2024. As a forewarning, in each instance, we found the application process to be more convoluted, time intensive and ultimately costly (in terms of both financial outlay and opportunity cost) than initially anticipated, particularly given the nature of the businesses in question and the regulatory permissions applied for. With our experience mirroring those of others in the UK’s PE/VC industry, we have taken some time to reflect on our interactions with the FCA over recent years and to draw up a number of the key takeaways from them.

The aim of this article is to explore those takeaways with a view to providing an overview of what to expect when undertaking an FCA regulatory application, ways in which to pre-empt potentially frustrating and/or costly delays and points of reference for advisers when managing their, and their client’s, expectations.