Hogan Lovells Showcases its Authorisation Tool for FinTech Startups Considering the FCA Authorisation Process
19th September 2017 (London, United Kingdom) – Hogan Lovells, the leading global law firm, is today showcasing its recently launched Hogan Lovells Engage: Authorisation Tool, which aims to guide FinTechs through the process of authorisation from the Financial Conduct Authority (FCA).
The tool addresses two major barriers towards achieving authorisation. The first is the complexity of getting authorised without access to expert knowledge and support. The second is the high cost associated with general applications.
Hogan Lovells’ RegTech tool for FinTechs provides startups with a free overview of the FCA authorisation process. It assesses their status and preparedness for regulation and helps them identify the specific requirements they need in place to get authorisation from the regulator.
Through its ongoing partnership with Innovate Finance, Hogan Lovells also previously launched the Hogan Lovells Regulatory Accelerator, an online tool to help FinTech startups understand and navigate regulatory requirements from the FCA.
Commenting on the the Authorisation Tool, Steve Murphy, Head of Financial Services Regulatory Consulting at Hogan Lovells said: “The cost for FinTechs to get FCA authorisation can be up to £200,000 especially when combined with uncertainty over the outcome. Our Authorisation Tool aims to solve this problem, helping them understand the process, and offering competitively priced tailored support based on their business model.”
Charlotte Crosswell, CEO at Innovate Finance, said: “The Authorisation Tool is ideal for FinTech startups that lack the resources or expertise to solely manage the long process towards authorisation. Combined with its Regulatory Accelerator, Hogan Lovells has created a valuable online tool that addresses this issue, thereby giving members and the wider FinTech ecosystem the autonomy, knowledge and support to navigate regulatory processes more efficiently.”
The tool is free to use on the Hogan Lovells website.
For further information about the resources provided by Hogan Lovells to FinTechs, visit the Innovate Finance website page here.
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