Using our application experience developed from the FCA’s Authorisations Team feedback, Compliance Consultant Authorisation Services has been successful in achieving authorisation for many clients of all sizes from a range of sectors.
We work closely with you to understand your business and develop your “application pack”. Compliance Consultant can project manage FCA authorisation applications through to completion for companies wishing to conduct ‘regulated activities’ in the UK. Our process is centralised around the FCA authorisation business plan but includes all the necessary documentation as required in the FCA authorisation guidance notes, plus that extra input of regulatory compliance experience we have been involved in for over 16 years.
The key to a “clean” authorisation is the preparation and positioning of the documentation in such a way that the majority of the regulator’s questions are anticipated and answers provided in their preferred format. The documents include your Regulatory Business Plan, Compliance Manual (ours is a best-seller), Annual Compliance Monitoring Programme, all the ancillary documents that are not always clearly stipulated as well as personalised and clearly documented company policies and procedures. We then steer you through the process of submitting your application to the FCA via the “Connect” system and help to interpret and recommend responses to any queries, working closely with you until the project is complete.
We have assisted clients from a wide range of sectors including Asset Management, Banking, Capital Markets, Consumer Credit, Insurance, Mortgages, Payment Services, Platforms and Wealth management.
Working in conjunction with your other service providers as necessary (eg. Legal advisers, accountants), we provide a seamless service totally focused on making your FCA application experience quick and uncomplicated.
An Up-Front payment typically of 50% will be required.
- We provide advice on the key issues your firm is likely to face before, during and after the application process.
- Applications are always bespoke to the client and the specifics of their business. The FCA are critical of a “one size fits all” approach.
- Your application is usually managed by our Chief Consultant and owner, supported by other technical specialists as required.
- A properly prepared application may take a few weeks to compile, but the anxiety and frustration it saves is priceless.
- Nobody can guarantee acceptance, but we have never had a firm remove their application yet.
- The FCA regulate hundreds of business models and their processes are thorough, but the case officers are also approachable if there is any issue.
Some companies will profess that;
- Their applications achieve authorisation 2-3 months faster than average.
Reality: The regulator has a 26 week service agreement for applications – extended to 52 weeks for poorly prepared ones. Post 52 weeks – cancellation and reapplication.
- The FCA will grant your authorisation after 26 weeks.
Reality: If you do not provide any documentation, policies, logs, manuals etc within a short time scale, the authorisations calendar will “stop”, adding time to your initial projected 26 weeks.
- They charge only £750, £1,000, £3,000 or whatever.
Reality: Until you need a guidance on a specific element, query answered or policy written/provided and the costs suddenly ramp up; but you are hooked then.
- They will handle all of the documentation, to “free up your resources”.
Reality: The FCA will challenge you on your policies and procedures, and if they are not written in conjunction with you, then you will not execute them in a believable way, usually causing more uncomfortable questions and intense scrutiny. This may not be initial but will unfold in the first couple of years of running your new business.
- You are guaranteed to be accepted.
Reality: Only the FCA can guarantee acceptance and they do not issue guarantees.
Need Advice or a Quote?
If you’d like to discuss your specific situation and how we may be able to help, please provide your contact details using the form below and a member of our team will get in touch.
Or alternatively call us on
020 3815 7939