A case officer reviews the application and will ask questions and request more evidence. Quick, complete replies help. Keep a record of every query and answer, brief your senior managers on what they may be asked, and tell the case officer straight away if anything material changes, such as a new senior manager or a change in funding.
If you make substantive changes that show you were not ready, the FCA may ask you to withdraw and reapply. Many firms withdraw and reapply once they have dealt with the case officer's feedback.
Once you are authorised
The FCA decides to authorise you, authorise you with limitations or requirements, or refuse. Authorisation starts your supervisory relationship. From then on you must keep meeting the threshold conditions and follow the FCA's Principles for Businesses, the Senior Managers and Certification Regime and the rules for your permissions.