Understanding Your FSMA Gap Assessment: What Firms Need to Know Ahead of the New Regime

Written by Thistle Initiatives - Compliance consultancy | 10 March 2026

LIVE WEBINAR

The move to FSMA will reshape how cryptoasset businesses are authorised, supervised, and expected to operate.

Whether you are an existing FSMA firm, an MLR‑registered firm, or preparing a brand‑new application, the FCA expects firms to demonstrate a clear understanding of their regulatory gaps — and a credible plan to close them.

In this session, our specialists will share what we know from the regulator so far, what the transition to FSMA means in practice, and how gap assessments differ depending on your firm’s status. We will also share early insights from our work with firms already preparing for the change, alongside practical steps you can take now.

What you’ll learn

The FCA’s current expectations under the FSMA regime
How gap assessments differ for existing FSMA firms, MLR‑registered firms and new market entrants
Common themes emerging from early FSMA preparation work
Practical actions and timeline planning to support your transition

Alex Paschalis | MODERATOR
Investments Partner, Thistle Initiatives

Alex joined Thistle Initiatives in 2015 after two decades of working with complex financial products. Alex's diverse experience in financial services includes roles across front office trading and dealing, management, and consultancy, offering valuable insights into FCA compliance and regulations.

As a former proprietary trader, Alex handled various financial instruments, transitioning from open outcry to various trading platforms. Additionally, Alex served as a Compliance Business Analyst, supporting multi-asset trading teams. Alex's expertise extends to FCA compliance auditing, oversight, and advisory services on enforcement actions and MIFID audits. Alex holds a CISI diploma in investment compliance and a CFA certificate in investment management.

Elizabeth Burns
Senior Manager, Thistle Initiatives

Lizzie joined Thistle Initiatives in January 2024 as a Senior Manager in the Investments Team. Prior to joining the Group, Lizzie held long-standing Compliance Advisory roles within the Investment Management sector.

Lisa Blenkinsop
Senior Manager, Thistle Initiatives

Lisa Blenkinsop joins our Payments Services Team with a wealth of experience from industry and consulting roles, including time at the FCA. Her breadth of experience delivering governance, risk, compliance and regulatory change across various sectors strengthens our ability to help firms identify opportunities and navigate industry challenges.

William Lee
Manager, Thistle Initiatives

William has joined our Payment Services Consulting team as a Manager. He brings experience from Revolut’s Regulatory Affairs team and his previous role as Policy Advisor at UK Finance, where he worked on financial policy for digital assets and payments.

He has led industry working groups, engaged with regulators, and written on emerging trends in payments and innovation. William is passionate about supporting the UK fintech ecosystem and promoting a secure, competitive financial services sector.

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