There is a short timetable to the transfer and the FSA is keen to make the transition as straightforward as possible. This means that there will be a phased approach to the transfer, with an interim period starting in April 2014 and moving to full implementation by April 2016.

• From Autumn 2013, existing OFT licence holders can apply for interim permission so that they can continue to operate;
• They will have to provide limited information and pay a one off fee;
• Existing OFT licences will lapse on 31 March 2014 and FCA interim permissions will begin from 1 April  2014;
• The interim permission regime will end in 2016 and firms need to be fully authorised by that time.