The Financial Conduct Authority (FCA) has opened its asset management authorisation hub for new firms entering the market.
The hub will assist market entrants when they apply for authorisation by offering pre-application meetings, case officers and access to the new website portal.
According to the FCA, the hub is attempt to foster better engagement between it and new entrants, while offering better support to asset managers “moving through the startup cycle”.
New firms will have a better understanding of the regulatory authority and will transition from its authorisation to supervision regime.
In a company statement, the FCA explained that it will not lower the entry standards to the market, and firms will have to meet the same “rigorous standards”.
Megan Butler, executive director of supervision at the FCA, said: “The asset management sector is important for the UK economy.”
Butler added: “We want to aid new entrants to the market and the hub will help new firms understand us better as an organisation.”
The hub will roll out additional phases throughout 2018.
