Regulation  

Have your say: Why small firms are finding authorisation hard

"We also consider if there are risks of harm in a firm’s business model or culture. We are aware that not all firms are sustainable in the long term, whether due to their business models or stressed circumstances, and the pandemic has accelerated some of these issues."

However, it was not all bad news.

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Another commentator on our story said the pain was worth it. He said: "As a relatively newly DA firm I can confirm the process is challenging but worth it.

"Rightly you need to know your business, your strategy and your number as well as your responsibilities."