FSA updates passporting progress

Amanda Jarvis

April 24, 2006

Passporting is when any UK firm that wishes to carry on regulated business in another European Economic Area State may do so if it is in the scope of a relevant EU Single Market Directive.

If a UK firm wishes to exercise passporting rights it must notify the FSA of its intention to do so. The notification must give the information set out in our rules. To make this clearer, the FSA has added FAQs to the webpages as part of its ongoing commitment to make it easier for firms to do business with. Firms applying for passporting will also find further details about the process on the FSA website.

To help firms the FSA has also introduced personal, focus on and tailored handbooks; a single invoice for fees and levies from the FSA, Financial Services Compensation Scheme and Financial Ombudsman Service; tailored webpages for small firms; a wide range of newsletters, workshops, training and eLearning courses and an improved application process.

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