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SpinDistribute.com Article Directory

The following article was published in our article directory on June 30, 2018.
Learn more about SpinDistribute Article Distribution System.

Do I Need To Be Regulated As An FCA Authorised Person

Article Category: Advice

Author Name: Lee Werrell

Financial services providers, investment firms and consumer credit firms should be Financial Conduct Authority (FCA) authorised.
Here's a summary of what you should know.
According to regulations made under the Financial Services and Markets Act (FSMA) 2000, financial activities need to be regulated by the FCA. Any firm (whether an organisation, a not-for-profit or a sole trader) undertaking a FCA regulated activities must be authorised or registered by them, unless they are exempt.

Banks, credit unions and insurance companies are regulated by the FCA and the Bank of England's Prudential Regulation Authority (PRA).

Applications for authorisation.
You need 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 could very well take up to 1 Year if your application is not complete upon submission. Your submission can 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 select another firm or individual to carry on regulated activities on its account. When this happens, the authorised firm or 'principal' takes full responsibility for making certain its agent or 'appointed representative' complies with the FCA rules.

Responsibilities of an authorised firm.
Once you receive FCA authorisation, there's a fee to pay yearly. You'll also need to meet the FCA's minimum standards (threshold conditions) at all times, in addition to abiding by the guidelines and principles relevant to your business and send the regulator reports, usually through the FCA Gabriel system.

Why use FCA Authorisation Consultants?
Your firm will require FCA authorisation if it carries out 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 assistance or asset management professional services, or operate in the Consumer Credit Act (CCA) sector your firm will have to hold FCA authorisation if you want to trade unless it benefits from one of the exemptions. From 2019, Claims Companies will also require to become authorised by the FCA.

Obtaining FCA authorisation requires showing 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 appropriate systems and controls in place. FCA authorisation can only be obtained if the all of the requirements are met.

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

Each one of our FCA authorised person and FCA approved person applications are supervised by a Chartered Fellow of The CISI (The leading securities and investment Institute). Our cost-effectiveness and customer focused process also means lots of small businesses trust us with their FCA authorisation each year. Our team has decades of experience in compliance and regulated financial services. This experience means we understand what the Regulator is looking for, what the important issues are to deal with, what typical areas of issue the FCA may have and how to provide information in such a way that satisfies requirements and provides the reassurance which the Regulator is seeking.

We can provide templates for submissions and the supporting documentation which sit behind them; and as a standard, we'll also check all material just before submission.

Amongst 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 policies, we can do this also 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 will need to ensure they are all singing the same tune.

Whoever you choose you need to 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 with any of our experts today for personal and no obligation advice about FCA authorisation on 0203 815 7939.

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