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

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Payment services providers, investment firms, most financial services companies and retail credit firms have to be Financial Conduct Authority (FCA) authorised.

Here’s a summary of what you must know.

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

compliance doctor consultants london fca handbookBanks, 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 will take up to 6 months if sending a packaged complete application but might take up to One Year if your application is not complete upon submission. Your submission could be made as complete as possible if we, FCA authorisation consultants, help and guide you. There is an application fee to pay directly to the FCA Authorisations department.

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

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

values compliance consultant london compliance framework annual monitoring planWhy use FCA Authorisation Consultants?
Your firm will require FCA authorisation if it undertakes an FCA regulated activities under the Financial Services and Markets Act 2000 (FSMA 2000) Regulated Activities Order (RAO).

Whether you’re seeking to broker insurance or mortgage loans, start a fintech business, provide investment advice or asset management solutions, or operate in the Consumer Credit Act (CCA) sector your firm will need to hold FCA authorisation in order to trade unless it takes advantage of one of the exemptions. From 2019, Claims Companies will also require to become authorised by the FCA.

Obtaining FCA authorisation requires demonstrating 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 the firm has necessary systems and controls in position. FCA authorisation can only be obtained if the all of the requirements are complied with.

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

compiance doctor compliance risk management complaintsEvery one of 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 companies trust us with their FCA authorisation every year. 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 attend to, what typical areas of concern the FCA may have and how you can provide information in a way that meets requirements and provides the reassurance which the Regulator is seeking.

We can provide structures for submissions and the supporting documentation which sit behind them; and as a standard, we’ll also check all material 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 plans, we can possibly do this too 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 make certain they are all singing the same tune.

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!

Talk to one of our experts today for private and no obligation advice about FCA authorisation on

020 7097 1434

Lee Werrell Chartered FCSI

Compliance Doctor

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