The FCA has outlined the changes made to the Form A and has announced that it plans to gradually roll out the new form to all firms from April 2024.
Form A applications which relate to becoming authorised for the first time, or to variations of permission or Appointed Representatives will be updated with the new requirements shortly. The FCA has clarified that any outstanding draft applications that have been created can still be submitted using the old version, but all new applications will use the improved form.
Some of the changes include;
- a checklist of information firms will need before starting the application process in order to complete their application;
- less duplication in the employment history section – any solo-regulated firms would input 10 years of employment history instead of uploading a CV;
- improved data validation and pre-population for a quicker application;
- the Statement of Responsibilities (SOR) is integrated into the Form A, therefore no second application needed;
- removal of the ‘Send later’ function;
- improved help and guidance throughout;
- easier navigation and an improved layout;
- new questions on rights to work in the UK, previous names being displayed on the Register, candidate time spent on activities and time spread across Directorships (where necessary); and
- improved virus scanning on attachments.
If the FCA e-mails firms about the Form A it is merely a piece of information telling the firm that, if it needs to use a Form A, it should access the new form (perhaps via the link in the e-mail) and not the old form. Firms that already have access should use the new version for all applications going forwards.