For those who are not fully aware of the importance of the Financial Conduct Authority compliance and authorisation, this article intends to provide basic knowledge of why you need to pay such amount just to comply and get authorization from the FCA.
In most cases, financial service institutions which intend to operate business must first be licensed by the regulators such as the FCA. In order to achieve FCA authorisation and regulatory compliance maintenance, you need to get the best consultancy in the area to help you in every step of the process.
If you are planning to start a new business or open your own new firm, you need to deal with the essentials of FCA requirements for authorisation. This financial regulatory organization is applicable in the UK while independently operating within the UK government.
It regulates financial companies which offer services to clients and keeps the integrity of financial markets all over the country. If is focused on conduct regulation between wholesale and retail financial services companies. It is structured as “company limited by guarantee”.
This authority is also responsible for regulating conduct of a financial product that is linked to marketing. It is the significant body which specifies minimum standards while it places requirements on related products. It also has its power of investigating individuals and other organizations.
FCA also has the power to ban specific financial products and consider indefinite ban for over a year. This authority is also accountable for regulating consumer credit companies which started last April 1st, 2014. The process of authorization includes the completion of the most comprehensive application form by the FCA.
Resource link: http://pragmaticcompliance.co.uk/attestations/
Most new firms make use of consultants and lawyers in order to ensure that everything important is covered. FCA authorization is a complex process that it demands a more reviewed and more professional work. Once a business is successfully approved only to find out that it had the wrong permission, the company will have to undertake the authorization process. This usually takes for about six months or longer to get the approval.
The application form serves only a portion of the entire process as the business should have its procedures, policies, controls and systems. It may take time before it is established and created. It may include compliance manuals, ethics codes, business continuity plan, and risk policies.
Based on such authorization, a company is actually looking to obtain crowd funding, investment management, advising, payment services and other related services, FCA may always require evidence from a particular company that understands what they’re doing.
Being competent, fit and proper at every level would mean that you are making sure that the initial and ongoing thoroughness is breach and robust for an effective management. The FCA has actually improved the monitoring procedure. On the other hand, the thoroughness involves academic verifications, criminal checks and regulatory references.
If you want to apply for authorisation, you have to know that it will involve project management-type approach. It is possible to perform it even without an expert help. But, the authority will expect proper documentation and certain answers that may result to a prolonged process. Pragmatic Compliance Consultancy are the company to help you if you’re in the UK and looking to be authorised.