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FSMA 2000 controllers regime: FCA/PRA change in control approvals and notifications—step-by-step checklist for acquisitions, increases, reductions and cessations of control in UK authorised firms

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Part XII of the Financial Services and Markets Act 2000 (FSMA 2000)

Under Part XII of FSMA 2000, controllers and prospective controllers must obtain approval from the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) before acquiring or increasing control in a UK authorised firm, and must notify the relevant regulator when reducing or ceasing control in a firm. The FCA and PRA also require UK authorised firms to notify them when a person reduces or no longer has control in the firm. This Checklist outlines the practical steps that controllers and proposed controllers should consider when acquiring or increasing, or disposing of or decreasing, control. For more detail on the change of control regime, see the following Practice Notes:

  • FSMA 2000 controllers regime—key concepts
  • Obligations of controllers—acquiring and increasing control
  • Obligations of controllers—reducing or ceasing control
  • FSMA 2000 controllers regime—obligations for firms
  • FSMA 2000 controllers regime—fund managers
  • Enforcement of the FSMA 2000 controllers regime

Authorised firms are also required to keep the FCA and/or PRA informed about their close links with other individuals or entities. For further information, see Practice Note: Authorised firms and close links...

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Web page updated on 20/05/2026

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