FCA Authorisation, Registration or Licencing is a very involved process requiring you to know not only your business, but also how your business works and the risk areas it is likely to be impacted by.
Assuming that your activity falls under the regulated activities of the Financial Services & Markets Act 2000 (as amended) and you have sufficient experience of the industry you want to operate in (i.e., at least 2 years) and are of good standing professionally and financially, then you should have few issues. The main challenge many face is understanding the regulatory terms and industry jargon. We cannot be responsible for your competence and if your application is rejected for these reasons our final payment is still payable.
You may have approached companies already about your application ambitions, and I am sure that all of the respondents will provide you with a wealth (even avalanche) of information about FCA authorisations. They will undoubtedly tell you how complicated and demanding it can be; they will try and explain all about the different divisions and challenges they have experienced in the recent history and how long average cases have been taking to process within the FCA; but all of this depends on how it is approached and whether or not you have a robust preparation of the required documents and explanation of your business idea.
The quotations you encounter could appear very attractive!
However, this is often for only the basic service.
WE OFFER YOU A SIMPLE FIXED FEE …
Certain details need to be understood by us before starting your application as these will be critical to your application, along with details of any proprietary or bespoke software and web portal used for client access as well as any agents or representatives you may be using.
There are generally very few “secrets” in financial services. As there are a small number of “go to” companies you can rely on, we pride ourselves in being strictly confidential. We don’t blab about our clients but some find comfort in requiring us to operate under a “Non-Disclosure Agreement” and if you wish to use it, our NDA form can be found at https://goo.gl/RxPggZ.
SO IN CONCLUSION
Whoever you choose you need to be absolutely clear on these issues.
Does the price quoted 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) unless you have already done so.
All questions answered before submission
All regulator questions and requests for explanations throughout the approval process at no extra charge
All Your questions answered throughout the approval process
A recent (Feb 2018) authorisation firm, said;
“Compliance Consultant provided us with a smooth, fast and professional service, clarifying what was needed at every step with prompt and accurate communication throughout. Would highly recommend Lee and Compliance Consultant”