Exactly how do I eventually become FCA authorised?

How do I come to be FCA authorised?

You want to satisfy the Threshold Conditions, which are the FCA’s minimum standards for getting, and remaining, authorised; see below.

The operation of applying for authorisation requires the appropriate completion and submission of particular recommended forms:
An applicant for Part 4A Permission, other than in so far as the FCA may direct in individual cases, must apply in writing in the way directed, and along with the information mandated, in the application pack provided by the FCA

A MiFID investment adviser or investment manager will usually be a “wholesale investment company” and should comply with the FCA application pack procedure for that group. An AIFM under AIFMD will also need to follow the FCA’s specific method for AIFMs.

The application forms required will feature some or all of the following:

  • A core details form: this requires valid information about your business framework, controllers, monitoring and personnel. Details on systems and controls, featuring business continuity is also required here.
  • Supplement for investment managers: this covers the applicant’s regulatory business plan, including specific FCA requirements and its proposed consumer types and investment strategy, and the range of regulatory permissions ordered. This form also requires information on financial resources and available resources estimations, further detailed information on workers and regulatory compliance systems

Documents for individuals who will be conducting “controlled functions” (called Approved Persons; see below).

  • Owners and influencers appendix.
  • Forms for controllers: This is required for all persons or bodies who (broadly) hold or control 10 per cent or more of the applicant firm.
  • IT Controls form: for those firms who are much more dependent on IT systems, and.
  • Supporting documents including organisation charts/ financial information/ compliance procedures, etc

Some details will be different and it is best to consult with a specialist compliance consultancy like Compliance Consultant, one of the longest established compliance consultancy firms in London, on 0207 097 1434 or email at info@complianceconsultant.org.

Speak to Lee Werrell Chartered FCSI FISM.