Brexit

City watchdog to recruit 100 staff to toughen up entry requirements for UK markets

FCA to bring greater focus on scrutinising applicants’ financials and business models

FCA chief executive Nikhil Rathi tougher entry requirements will apply especially in complex markets, or where the firm is operating in a high-risk business, such as crypto firms applying for anti-money laundering registration
FCA chief executive Nikhil Rathi tougher entry requirements will apply especially in complex markets, or where the firm is operating in a high-risk business, such as crypto firms applying for anti-money laundering registration Photo: Chris Ratcliffe/Getty

The Financial Conduct Authority is set to toughen up its regulatory requirements for new entrants to UK markets.

The watchdog plans to add 100 employees to its authorisations team, which is tasked with assessing new financial services businesses suitability to operate in the UK.

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