If you want to go fast, go alone. If you want to go far, go together.

In order to carry out financial services activities such as credit broking (i.e., introducing customers to a third-party finance provider) in the UK, you would need to be authorised and regulated by the Financial Conduct Authority (FCA).

Seeking FCA approval is not an easy task unfortunately, especially if your business attempts to obtain a Credit Broking Licence in order to help your customers purchase your products and services via finance. There are quite a few hurdles to overcome and the UK's regulatory landscape can be a difficult and complex minefield to successfully navigate. It can - and in the vast majority of situations it certainly is - a confusing and arduous task.

Fortunately however, Alumni Compliance is here to help and serve. Our consultants are former FCA staff members including those who previously had worked within the FCA's Authorisation Division as FCA Case Officers and have themselves reviewed, processed and approved/rejected applications. As such, we know what the entire FCA authorisation process entails from A-Z and what the FCA look out for when it comes to firm's seeking its approval - "Theory of Mind", we know how the FCA Case Officer thinks and behaves.

We know all the things which make a good, quality application stand out as well as all the pitfalls which can deter the FCA from approving your business - this is the knowledge we utilise and leverage to your benefit in order to increase your firm's chances of being authorised for regulated activities such as Consumer Credit, Payment Services, or Alternative Investment Fund Management.

The first step for us, is of course, to explore and understand the nature and scale of your business; who's involved, how it operates, and crucially, what regulated permissions your business needs. 

Does your firm need Full Permission or Limited Permission for consumer credit? Perhaps your business may potentially be exempt from any authorisation at all. If you're unsure, we can advise you on exactly what you need, as well as what you don't need. This is one reason we exist and why we also provide a free 30 minute consultation to help you understand and overcome this first crucial step.

We will arrange a telephone interview to explore and understand your business model regardless of what type of business you are; whether you are a non-financial business such as a dentist, vet, beauty salon, motor dealer, or whether you are involved in the financial services industry such as a small payment institution or an up-and-coming AIFM fund manager looking to enter the UK market - we understand and have experience in working with all types of business models and a variety of firms.

After our initial fact finding and consultation, we then start on your Regulatory Business Plan (RBP) covering everything from the background to your business, its key people and personnel, to financial resources, statements, policies, and systems in controls your business would have in place to show the UK regulator that your business is ready, willing, and organised to carry out regulated activities with your customers. We also draft a detailed Compliance Monitoring Programme (CMP) to evidence how your business will review and monitor your key business risks as well as providing effective risk-mitigation strategies. 

Rather than attempting to go at this alone without expert help, Alumni Compliance can help with all of the work needed to be put in your application whilst you can focus your precious time, energy, and resources on what matters most - your day-to-day activities and the smooth running of your business.

After we've prepared your Regulatory Business Plan as well as all associated policies and other documents that the FCA will want to see, we will complete the FCA's authorisation application for you on your behalf including the supplementary applications such as a Senior Managers & Certification Regime (SMCR) Approved Person form and the Statement of Responsibilities. 

The FCA charge an authorisation application fee which is non-refundable. That's why it is absolutely imperative that a fully complete and high-quality authorisation application is made to the FCA from the outset so that there is less chance of your application being denied or asked to be withdrawn and ultimately losing out after paying the FCA's application processing fee.

Please note: the FCA authorisation application fee is separate and independent from the fees charged by Alumni Compliance Solutions for our services. The FCA fee is paid directly to themselves as the organisation is run by industry fees and levies. 

As former FCA alumni, we know exactly what's required to make a quality application - we know what the FCA are looking for in terms of prudential requirements, policies, systems and controls, risks, mitigation strategies, how to handle regulatory complaints, how to treat customers fairly according to its new, flagship Consumer Duty Policy, and a variety of other assessors the FCA uses internally to decide whether FCA approval should be granted. Using our services, we provide you peace of mind that the preparation of your application is in competent and capable hands, whilst keeping you updated throughout the process. We take pride in the fact that FCA authorisation applications submitted by us are processed smoothly without any problems or concerns.

By law, the FCA have a statutory requirement to process all authorisation applications within 6-12 months. However, we want your business to be authorised much sooner than that so you don't miss out on the business growth and revenue opportunities FCA approval will provide. 

If a firm submits an incomplete and low-quality application, without providing all the necessary information, including important documents, and attachments, then the FCA can take up to the maximum 12 months to approve your application. We don't want that to happen - we want to get your business authorised as soon as possible, that the FCA does not stop-the-clock on your application whilst chasing you up for additional information. We want your authorisation to be smooth and as quick as possible without any concerns, so that your business can reap the benefits immediately and help your achieve your growth and strategic objectives.

With Alumni Compliance, we can help increase your firm's chances of FCA authorisation and help you obtain approval typically within 1-3 calendar months. This is, however, not a guarantee and understandably is dependant on the complexity of your application and regulated permissions being sought, as well as other factors such as the internal case volumes and resourcing of the Financial Conduct Authority themselves.