FCA-authorised targets carry a regulatory clock: Part XII FSMA change-of-control approval, threshold conditions, conduct rules, ICARA and Consumer Duty. Diligence anchors on Schedule IX Regulatory and the FCA Handbook.
Direct answer
Financial-services M&A diligence layers Part XII FSMA 2000 change-of-control on top of the generic scope: 60 working-day FCA decision clock, threshold-condition compliance, ICARA / wind-down planning for IFPR firms, Consumer Duty board reporting and supervisory-correspondence review. AML / KYC and Money Laundering Regulations 2017 ownership sit alongside.
Sector add-on clauses
- V.13Confirm regulatory licences and any consent required on change of control.Severity A
- IX.6If target is FCA-authorised, confirm Part XII FSMA change-of-control approval window (60 working days).[FCA change-of-control]Severity A
- IX.7Confirm threshold conditions and any current FCA supervisory action.Severity A
- IX.12Identify any pending regulatory investigation or undertakings.Severity A
- XIII.9Confirm AML / KYC programme if obliged (Money Laundering Regs 2017).Severity A
These add-ons supplement, not replace, the generic 14-Schedule scope. Begin with the generic checklist and layer these on.
This page is anchored to UK primary legislation and named regulator guidance only. Not legal advice. Confirm position with your appointed adviser before signing.