Do I Need To Be Regulated As An FCA Authorised Person?

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Financial services providers, investment company and consumer credit firms ought to be Financial Conduct Authority (FCA) authorised.

Here’s a summary of what you should know.

Due to the regulations made under the Financial Services and Markets Act (FSMA) 2000, financial activities must be regulated by the FCA. Any firm (whether an enterprise, a not-for-profit or a sole trader) implementing a FCA regulated activities must be authorised or registered by them, unless they are exempt.

Banks, credit unions and insurance companies are regulated by the FCA and the Bank of England’s Prudential Regulation Authority (PRA).

Applications for authorisation.
You will have to apply to the FCA (or, if you’re dual-regulated, to the PRA) for FCA authorisation. This normally takes up to 6 months if sending a packaged complete application but could possibly take up to 1 Year if your application is not complete upon submission. Your submission will be made as complete as possible if we, FCA authorisation consultants, help and guide you. There is an application fee to pay straight to the FCA Authorisations department.

Appointed Representatives (ARs).
An authorised firm may appoint another firm or person to carry on regulated activities on its behalf. When this happens, the authorised firm or ‘principal’ takes full responsibility for being sure its agent or ‘appointed representative’ adheres to the FCA rules.

Responsibilities of an authorised firm.
Once you acquire FCA authorisation, there’s a fee to pay every year. You’ll also will have to meet the FCA’s minimum standards (threshold conditions) at all times, alongside following the regulations and principles relevant to your business and send the regulator reports, usually through the FCA Gabriel system.

Why use FCA Authorisation Consultants?
Your firm will require FCA authorisation if it executes an FCA regulated activities under the Financial Services and Markets Act 2000 (FSMA 2000) Regulated Activities Order (RAO).

compliance consultants london specialists authorisation consultancyWhether you’re seeking to broker insurance or home loans, start a fintech business, provide investment recommendations or asset management professional services, or operate in the Consumer Credit Act (CCA) sector your firm will have to hold FCA authorisation so as to trade unless it benefits from some of the exemptions. From 2019, Claims Companies will also require to be authorised by the FCA.

Obtaining FCA authorisation requires displaying to the FCA that the firm’s business model is one which meets the FCA’s requirements, that the firm’s activities will be compliant, that the firm’s controllers are fit and proper, and that the firm has proper systems and controls in position. FCA authorisation can only be obtained if the each of the requirements are fulfilled.

FCA Authorisation (http://fcaauthorisation.info)website is a trading style of Compliance Consultant (http://www.complianceconsultant.org), and our experts have years of expertise in regulatory compliance and assisting firms with preparing and putting forward applications for FCA authorisations. We know the financial services industry and we understand compliance. With this insight we help our clients design their business model and form their compliance.

All our FCA authorised person and FCA approved person applications are overseen by a Chartered Fellow of The CISI (The leading securities and investment Institute). Our cost-effectiveness and customer focused method also means lots of small businesses trust us with their FCA authorisation annually. Our team has decades of experience in compliance and regulated financial services. This experience means we understand what the Regulator is trying to find, what the important issues are to deal with, what typical areas of concern the FCA may have and ways to provide information in a way that matches requirements and provides the reassurance which the Regulator is seeking.

We can provide templates for submissions and the supporting documentation which sit behind them; and as a standard, we’ll also check all material just before submission.

One of the key qualities of the service is the interpretation and response to any questions or queries which the FCA may raise, helping to ensure the process is as smooth and painless as possible.

If you want us to amend and personalise your policies, we can possibly do this as well for an additional cost, but the final edit will be up to you, as it is your business that will be governed by these documents, and you should ensure that they are all singing the same song.

Whoever you choose you should be clear on these issues. Does the price include;.

* Qualified Compliance specialists handling your application.
* All policies and an annual compliance monitoring plan as required by the regulator?
* All forms completed on your behalf (excluding electronic signatures etc).
* All questions before submission at no extra cost.
* Recommendations on wording for text solution to explain your firm’s operations.
* All regulator questions and requests for explanations throughout the approval process at no extra charge.
* Professional project management of the process.
* Your questions answered throughout the approval process at no extra cost.

OURS DO!

Consult with one of our experts today for discreet and no obligation advice about FCA authorisation on

0207 097 1434

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