Although the U.K.’s Financial Conduct Authority (FCA) and His Majesty’s Treasury have been considering ways to reduce regulatory burdens on fund managers, the prospect of a lighter regulatory touch does not mean managers should be complacent when applying for authorization from the FCA. Managers must avoid errors and oversights that could delay or derail their applications. On April 9, 2026, the FCA published an alert on its website addressing concerns with asset managers’ applications for authority. Similar to an SEC risk alert, the FCA’s publication addresses the issues it identified, as well as the good practices and areas for improvement it observed, from the applications it reviewed. Common themes running through the alert include providing clarity and completeness in applications; ensuring consistency across all application documents; and tailoring documents to the applicant’s business model. This article discusses the FCA’s findings. See “U.K. Regulators Propose Changes to AIFM Rules to Ease Compliance Burden on Fund Managers” (Sep. 25, 2025).