FCA Authorisation, Registration, Certification 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.
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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.
Do you want;
Qualified Compliance specialists handling your application (at least QCF Level 6)?
Typical policies completed and provided as required by the regulator for the application to be accepted?
All forms completed on your behalf?
- Help completing the Regulatory Business Plan?
All questions before submission at no extra cost (giving you comfort and peace of mind)?
Free submission of your application, making sure that all the documentation is uploaded correctly?
Recommendations on wording for text answers to explain your firm’s regulatory based questions when the FCA asks?
All regulator questions and requests for explanations throughout the approval process at no extra charge?
Professional project management of the process?
Your questions answered post submission and throughout the approval process at no extra cost?
Free availability post FCA acceptance for any questions you may have?
Ongoing compliance support post authorisation if needed?
Call Us Today on 020 7097 1434 or Read On ….
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.
When the regulator asks for certain company policies, or governance, for operating the business (and they will), your consultancy will often charge you additionally by the item.
When the FCA asks questions that you may need assistance with before responding, they will start the “charging clock” often up to £300 per hour or more. See a short video at http://wp.me/p7OMfd-TS.
When the regulator asks a question of your company and the your case manager does not understand what is being asked, or is not adequately qualified to interpret the rules, they either answer incorrectly or refer to a senior manager who may be able to help at extra unseen cost to you.
I am a Chartered Fellow of The Chartered Institute of Securities & Investments (Chartered FCSI), The City of London’s (and global) leading financial services organisation. I hold the Compliance Diploma and I manage or oversee all authorisation applications for the company. You cannot be more highly qualified.
We typically deal with a number of authorisation applications from CCA, PSD, EMIs and Retail through to larger insurance companies and…
WE OFFER YOU A SIMPLE FIXED FEE …
….. once we have a good idea of your business complexity.
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.
We are FCA authorisation and registration specialists and conduct a constant flow of projects in this matter, as well as conduct other regulatory compliance projects from our London base.
If you have a detailed and robust regulatory business plan, and you have completed all of the necessary forms via the FCA Connect System, costs start at £4,000 for an authorisation. This consists of an up front payment and the remainder on submission and then final authorisation.
We can provide templates to assist you.
Many Consultancies will charge a low figure for an authorisation submission and then pile on the extras like, answering the FCA’s questions, providing compliance documents, calculating regulatory capital, phone calls/email (sometimes up to £300 per hour). Don’t Get Caught Out!
If your business plan is not as content rich as you think it may need to be …
Don’t worry, we can factor the cost into your package.
We will provide the normal policy documents (up to 10) and the compliance monitoring procedures as required and/or requested by the regulator dependent upon your business model. All for a FIXED PRICE.
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
Call Us Today on 020 7097 1434
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FCA non regulated activities: Do I need FCA Authorisation?
An 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”
You May Also Be Interested In
What Is A Regulatory Business Plan? Why Is It Important? https://wp.me/p7OMfd-3VP
What Does A FCA Regulatory Business Plan Really Need To Say? https://www.complianceconsultant.org/what-does-a-regulatory-business-plan-need-to-say/
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