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Sheree Howard stood in front of a packed room at the APCC Spring Conference 2026 and told financial firms what they probably didn’t want to hear. Getting authorized isn’t easy. It’s not supposed to be.
Howard, speaking at the conference, used a pretty straightforward comparison to make her point. She likened the whole authorization process to training for a marathon. Not the fun part where you buy new running shoes. The grueling part where your legs hurt and you’ve got months of early mornings ahead. Firms seeking authorization face mountains of documents, deadlines that don’t move, and pressure that builds as the finish line gets closer. The regulatory standards don’t bend. Firms either meet them or they don’t.
Why the Process Feels Like Running 26 Miles
Howard’s marathon analogy wasn’t just clever conference talk. The authorization journey demands the same kind of resilience athletes need when they’re training for a major race. Firms have to approach the process with a comprehensive strategy, paying attention to every detail along the way. One missed requirement can derail months of work. The meticulous nature of authorization means firms can’t cut corners or hope regulators won’t notice gaps in their preparation.
And just like marathon runners don’t show up on race day without months of training, financial firms can’t expect to sail through authorization without serious groundwork. The process tests whether a firm has the stamina and discipline to operate in a regulated environment. Howard made it clear that this demanding approach serves a purpose. It filters out firms that aren’t ready for the responsibilities that come with being a regulated entity.
Marathon runners rely on coaches who design training programs. They work with physiotherapists who keep their bodies in working order. They lean on other runners for motivation when the training gets tough. Financial firms operate the same way, Howard said. They need a solid support system to navigate the complexities of authorization. Advisors help firms understand what regulators expect. Consultants guide them through documentation requirements. Peers share insights about what worked and what didn’t.
But here’s the thing. Coaches don’t run the race for you. Howard was blunt about this point. While guidance from external experts is crucial, firms themselves have to lace up their shoes and do the work. The responsibility sits squarely with the firms to align their operations with regulatory expectations. No amount of external support can substitute for a firm’s own commitment to meeting the standards.
Standards Don’t Budge for Anyone
Howard stressed that the difficulty of authorization isn’t accidental. Regulators designed the process to be challenging. Only firms that demonstrate they’re genuinely prepared should enter the financial services sector. The goal is maintaining high standards of governance and compliance across the industry. These standards exist to protect consumers who trust financial firms with their money and their futures.
Market integrity depends on firms operating responsibly. The authorization process acts as a gatekeeper, ensuring that firms entering the sector can handle the weight of that responsibility. It’s intentionally demanding because the stakes are high. A firm that can’t navigate the authorization process probably can’t handle the ongoing compliance requirements that come after.
The journey involves more than just completing paperwork, Howard noted. Firms need to understand regulatory expectations at a deep level and integrate them into their core operations. It’s not about ticking boxes on a checklist. It’s about embedding compliance into the DNA of how the firm operates day to day. A firm might pass the initial authorization, but if they haven’t truly internalized regulatory standards, they’ll struggle to maintain compliance over time.
Howard talked about the long game. Authorization is just the starting line, not the finish. Firms need to build systems and cultures that support ongoing compliance. The preparation process should set firms up not just to get authorized but to stay authorized. That means developing internal processes that align with regulatory requirements and creating a culture where compliance is everyone’s job, not just the compliance department’s problem.
She also touched on something firms probably don’t think about enough. The support network that helps during authorization shouldn’t disappear once a firm gets approved. Having knowledgeable advisors and peers remains valuable as firms navigate the ongoing complexities of operating in a regulated environment. The financial regulatory landscape shifts. Rules change. New expectations emerge. Firms that maintain connections with their support systems are better positioned to adapt.
Howard’s message at the conference was pretty clear. The authorization process is tough because it needs to be. Firms that approach it with the same dedication and preparation as a marathon runner approaches race day stand the best chance of success. Those that try to shortcut the process or underestimate what’s required will find themselves struggling.
The rigorous nature of authorization serves consumer protection and market integrity. Every firm that gets authorized has demonstrated it can meet high standards and operate responsibly. That’s not something regulators are willing to compromise on, and Howard’s remarks made it clear they won’t be lowering the bar anytime soon.
Frequently Asked Questions
What comparison did Sheree Howard make about financial authorization?
Howard compared the authorization process to training for a marathon, emphasizing that firms need extensive preparation, resilience, and support systems to meet regulatory standards.
Why does the FCA make authorization so difficult for financial firms?
The challenging process ensures only well-prepared firms enter the financial services sector, protecting consumers and maintaining market integrity through high governance and compliance standards.
Who is responsible for ensuring a firm meets authorization requirements?
While firms benefit from external advisors and support systems, Howard stressed that the ultimate responsibility rests with the firms themselves to meet regulatory expectations and integrate compliance into their operations.
