FCA Form A: A Practical Guide for Senior Managers

Form A is the FCA’s application form for approving individuals to hold Senior Manager Functions. Getting it right the first time — with complete, accurate and well-prepared disclosures — is the most effective way to ensure a smooth approval process. Incomplete or poorly prepared Form A submissions are one of the most consistent sources of FCA queries and approval delays.

What Is Form A?

Form A is the formal FCA application for approval of an individual to perform a Senior Manager Function under the SMCR. It is submitted through the FCA’s Connect system by the regulated firm on behalf of the proposed SMF holder. The firm takes formal responsibility for the accuracy of the application, but the individual must review and verify the personal disclosures it contains before it is submitted.

The Structure of Form A

Form A is divided into sections covering: the firm making the application and the SMF function being applied for; the individual’s personal details, nationality and identity verification; employment history covering the preceding five years; regulatory history — all previous FCA approvals, any refusals, withdrawals or regulatory sanctions; criminal history — convictions, cautions, reprimands and civil proceedings; financial history — CCJs, insolvency events and current financial obligations; fitness and propriety declarations; and references to the accompanying Statement of Responsibilities and regulatory references.

The Five-Year Employment History

The employment history section is frequently the source of FCA queries. The FCA expects a complete and continuous account of the individual’s professional activities for the five years before the application — with no unexplained gaps. Each role should include: the employer’s full name and type of business; the individual’s job title and a brief description of responsibilities; the start and end dates; and the reason for leaving. Gaps between roles — however short — should be explained: sabbaticals, parental leave, periods of study or career breaks should be described as such. An unexplained gap of even a few weeks will attract a query.

Regulatory History: What Must Be Disclosed

The regulatory history section is the most sensitive and requires careful preparation. The individual must disclose: all previous FCA or equivalent overseas regulatory approvals (including any that have lapsed, been withdrawn or been refused); any regulatory sanctions, prohibition orders or conditions imposed by the FCA or overseas regulators; any disciplinary action taken by a regulated firm in connection with regulatory compliance matters; and any ongoing investigations by the FCA, a professional body or another regulatory authority. The FCA’s approach to regulatory history disclosures is to assess the significance and relevance of each matter — but only where it has been disclosed. A matter not disclosed that the FCA subsequently identifies is a serious concern regardless of its underlying substance.

Criminal and Civil History Disclosures

Criminal history disclosures require care because of the interaction between SMCR disclosure obligations and the Rehabilitation of Offenders Act 1974. Certain spent convictions that would not need to be disclosed in other contexts must be disclosed in a Form A application, because financial services is an excepted profession under the Act. The individual should seek legal advice before completing this section if there is any criminal history, however historic. Civil proceedings — County Court Judgments, arbitration decisions, regulatory findings in civil matters — must also be disclosed where they relate to financial conduct, dishonesty or matters relevant to the individual’s fitness for the proposed SMF role.

Common Causes of FCA Queries on Form A

Based on experience across SMF approval applications, the most common sources of FCA queries are: gaps or inconsistencies in the employment history; regulatory history disclosures that require further context; the Statement of Responsibilities not being specific enough to allow the FCA to assess the individual’s proposed accountability; a proposed compliance officer or MLRO whose experience does not match the firm’s specific regulatory activities; and financial history disclosures that require explanation of the circumstances and current status of any adverse matters. Each of these is avoidable with adequate preparation.

Preparing a Strong Form A Submission

The most effective Form A submissions share several characteristics. The employment history is complete, consistent with the individual’s CV and any publicly available information, and covers every role without gaps. All regulatory history is disclosed, with a brief factual explanation of any adverse matters. The Statement of Responsibilities is specific, accurate and clearly connected to the firm’s actual structure and activities. The accompanying regulatory references have been obtained before submission and are consistent with the Form A disclosures. And the firm has completed its own pre-submission fit and proper assessment, documented it, and can demonstrate that it has satisfied itself the candidate meets the FCA’s standard.

What Happens After Submission

The FCA typically issues an acknowledgement within two to four weeks of submission. If the application is straightforward, determination may follow within three to six weeks of acknowledgement. Where the FCA has queries, it will issue them by letter or email to the firm’s nominated contact. The firm has a specified period to respond — typically 28 days. Where the FCA is satisfied with the response, determination follows. Where further queries arise, the cycle repeats. The FCA has a statutory duty to determine complete applications within three months of receipt.

Key References

• FCA Connect — for submitting Form A
• FCA Handbook FIT — fit and proper
• FCA — SMCR guidance