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FCA AUTHORISATION PROCESS
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.
EARLY ENGAGEMENT STEPS
APPLICATION SUBMISSION
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is made to the FCA from the outset so that there is less chance of your application being denied or asked to be withdrawn and ultimately losing out after paying the FCA’s application processing fee.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.
FCA AUTHORISATION PROCESS
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.